Sensex ends above 20500; broader indices outperform

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Equity benchmarks closed last session of the year 2010 on a positive note, led by support from financial, Anil Dhirubhai Ambani Group, realty, telecom, auto, select metal and power companies’ shares. Reliance Industries and HUL also led the support. The Sensex gained for third consecutive day today and settled above 20,500 level.
Hemen Kapadia of chartpundit.com feels 6185 is an important level on Nifty. “Monday is the time when the markets could just about peak for the time being, correct a bit and after that on the rebound when we take out 6185, then we are testing 6350. If we take out 6350 which seems like a possibility at this point in time I won’t be surprised if we would see a 8% to 10% upside in the next 3 to 4 months after that,” he said.

Manas Jaiswal, Technical Analyst, manasjaiswal.com is upbeat that Nifty can test the November high of 6308 as it has shown clear breakout of flag pattern in the last six to seven trading sessions.
However, the sell-off was seen in shares like ONGC, NTPC, JSPL, TCS, Sterlite, BHEL, Dr Reddy’s Labs, Infosys, Hero Honda and HDFC, which capped the gains.
The 30-share BSE Sensex closed at 20,509.09, up 120.02 points or 0.59% and the 50-share NSE Nifty rose 32.65 points or 0.54% to settle at 6,134.50. The BSE Midcap and Smallcap indices went up 1% each.
For the week, the Sensex and Nifty gained 2% each. For the year 2010, both indices rallied over 17%.
Heavyweight SBI jumped 2.3%; sources said the bank might announce extension of teaser home loan scheme upto March 2011. HDFC Bank, ICICI Bank, Axis Bank, IDFC and PNB gained 0.5-2.3%. DLF from realty space went up 1.6%.
The Anil Ambani group will have a new identity. The group will drop the ADAG tag and will be known as just the RELIANCE group. Group shares like Reliance Communications and Reliance Infrastructure gained 4-5%. Reliance Power and Reliance Capital rose 2-2.4%.
Bajaj Auto from auto pack rose 4% followed by Tata Motors and M&M with 0.3-0.6% rise. Heavyweight Reliance Industries also supported the markets with 0.7% gain followed by Bharti with 0.4% upside. HUL from FMCG space moved up 1.2% while ONGC lost 0.5%.
In metal segment, Tata Steel, SAIL, Hindalco and Sesa Goa were up 0.7-1.2% while Sterlite Industries and Jindal Steel fell 1% each. Ranbaxy Labs, Sun Pharma and Cipla from healthcare segment rose 0.2-1.4% while Dr Reddy’s Labs declined 1.3%.
Power Grid Corp from power pack gained 1.76% while NTPC fell 0.8%. TCS and Infosys from technology pack end modestly lower while Wipro rose just 0.3%.
SBI, Ravi Kumar Distilleries, Tata Steel, BF Utilities, Indiabulls Real Estate, Infosys, Reliance Industries and Tata Motors were most active shares on exchanges.
In midcap space, Dewan Housing, KEC International, UB Holdings, Parsvnath Developers and Gammon Infra rallied 6-8.6% while Core Projects plunged 12.34%. Network 18, Apollo Hospital, Rajesh Exports and WABCO-TVS lost 3-6%.
In smallcap space, Emami Paper rallied 20%. Nectar Life, Nirlon, Shriram EPC and Sundaram-Clayton gained 11-12.5% while Rollatainers, Elpro International, Ushdev Intl, Midfield Industries and Spectacle Info slipped 5-6%.
Breadth remained in favour of advances; about 2029 shares advanced as against 972 shares declined on Bombay Stock Exchange.
Volume was drastically lower compared to previous sessions; total traded turnover on exchanges stood at Rs 78,538.71 crore. This included Rs 11,506.73 crore from NSE cash segment, Rs 63,645.94 crore from NSE F&O and the rest of Rs 3,386.04 crore from BSE cash segment.
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This post was submitted by Mudit Agrawal.

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