Market Commentary:
➢ Asian stocks rose, spurring a record start to the year for the MSCI Asia Pacific Index, while copper gained and South Korea’s won strengthened amid signs China will relax credit controls. Oil advanced after U.S. crude stockpiles fell the most in six weeks. The MSCI gauge rallied 0.9%.
➢ Back home, S&P CNX Nifty once again regained the psychological 5,000 level, having alternately moved above and below that mark earlier in the day. Though, buying has appeared in all the sectoral gauges but the metal sector has taken the lead on expectation of demand revival from the global economies.
➢ Shares of power generation companies gained after Prime Minister Manmohan Singh on Wednesday, 18 January 2012, pledged help on chronic power shortages in the country, after holding a meeting with business leaders on that day.
➢ The market breadth, indicating the overall health of the market, was strong.
➢ The rupee strengthened for a sixth consecutive session to hover around a two-month high, boosted by sustained foreign investor interest in Indian debt and shares. The rupee was at 50.29/30 to the dollar, after touching a high of 50.07.
➢ After a gap-up, nifty is trading in very narrow range. From Intra-day perspective, We can see nifty support at 4960-80 level while upside should be capped at 5050.
* INDICES: Sensex +167 at 16619 (1.02%), NIFTY +53 at 5009 (1.07%), CNXMIDCAP +100 at 6748 (1.51%)
* SECTORAL PERFORMANCE: BANKEX 1.82%, AUTO 1.65%, CAPITAL GOODS 0.66%, HEALTHCARE 0.9%, Metal 2.14%, OIL & GAS 1%, IT -0.37%, FMCG 0.28%, PSU 1.37%, REALTY 2.36%, Consumer Durables 1.19%, POWER 1.96%
* MARKET BREADTH: 414 Advances, 80 Declines (BSE 500)
* TODAY'S GAINERS: RELI 6.98%, TPWR 4.24%, JPA 3.75%, DLFU 3.57%, ACC 3.56%
* TODAY'S LOSERS: BHEL -2.49%, BHARTI -1.11%, INFO -0.83%, WPRO -0.77%, CIPLA -0.59%
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