Thursday, December 3, 2009

Global mkt momentum crucial for Nifty to cross 5,200

The Nifty faltered in its attempt to cross its intermediate high, stopped short and ended flat at 5,120. It was a quiet session for largecaps, Tata Motors, DLF and a few financial stocks starred in an otherwise lacklustre session. Trading volumes remained a bit subdued as global markets also go sideways robbing the markets here of any great momentum.

This morning what the market needed was some leadership to take the Nifty beyond the level of 5,180 and it didn’t get support from the heavyweights. Reliance, SBI, those kind of stocks didn’t move and we were finally left with a few outperformers like Tata Motors which had another good session, DLF in the real estate space looked quite strong, Ranbaxy’s run is still not done even as Sun Pharma corrected a bit today and today actually belonged to the financial sector, ICICI Bank, HDFC Bank, and IDFC all looked very smart today.

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