The FIIs were net buyers with investment worth Rs 538.71 Cr (prov. cash market fig).
The key benchmark indices edged higher for the second straight day as investors resorted to bargain hunting in beaten down stocks. Food inflation rose by 1.48% points from 15.57% in the previous week. The market completely shrugged the inflation data numbers and marched ahead.
The BSE 30-share Sensex was up 358.69 points or 1.98% to 18,449.31. The Sensex gained 375.59 points at the day's high of 18,466.21 in late trade. The index fell 26.01 points at the day's low of 18,064.61 in early trade.
The S&P CNX Nifty was up 94.75 points or 1.74% to 5,526.75. The Nifty hit a high of 5,532.65 in late trade.
The BSE Mid-Cap index rose 1.09%. The BSE Small-Cap index gained 1.21%. Both these indices underperformed the Sensex.
The market breadth was strong. On BSE, 1,819 shares advanced while 1,073 shares declined. A total of 96 shares remained unchanged.
The total turnover on the BSE amounted to Rs 3519 crore lower than Rs 3595.50 crore on Wednesday, 2 February 2011.
FOR TODAY: The next major trigger for the stock market is Union Budget 2011-2012. The Government may also announce some populist measures in the Budget given that assembly elections are due in Kerala, Tamil Nadu, West Bengal and Assam. In all these states, the Congress is potentially looking to regain power or to retain it. Since all other triggers have already factored in, our market may follow the global cues for the time being. US markets ended in green. EU markets traded mixed. Asian markets are trading in mixed zone today. SGX Nifty is trading around 5526, down 12.50. Nifty may open around 5524-5533 and will try to move yesterday's high. If nifty breaks out 5550 level, we may expect 5585 level which is a small resistance zone. Above 5585, nifty may up 5604/5626 level. On the down side, if and only if nifty braches 5514-5517 level, we may expect 5487 level also. Below 5487, the next support arises only around 5400.
TODAY LOOK FOR ONGC. FOR BONUS 1:1 AND SPLIT FROM RS. 10/- TO RS. 5/- EX-DATE IS 08 FEBRUARY, 2011. PROBABLY A GOOD BTST CALL.
IN ADDITION, WATCH FOR RIL, KALINDI RAIL, JPASSOCIATES.
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