Sensex

Monday, January 04, 2010

Monthly Market: Champagne finish: Sensex touches 18-month high


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January 04, 2010


 Market Commentary 


Champagne finish: Sensex touches 18-month high 


Market touches new highs on strong global cues and buying in IT and CD stocks

Brushing aside worries like run-away inflation that could see the Reserve bank of India hike key policy rates, and following the footprint of global markets, the market back home continued to surge in December. Swinging 953 points, displaying volatility, the Sensex touched its 18-month high of 17531 on the last trading day of the month. Closing at 17465, the Sensex finished 539 points higher over its November closing. Nifty also touched 5200 level for the first time in 18 months before closing at 5201, 168 points higher than its last month closing.

Fast moving consumer goods (FMCG) and banking scrips were out of favour with the BSE FMCG and BSE Bankex down by 2.80% and 0.11% respectively. Information Technology (IT) and consumer durables drew interest with the BSE IT and the BSE CD gaining 9.02% and 8.48% respectively. The remaining indices closed 1.83% to 8.26% higher.

January 2010 is likely to see the Sensex surge higher on optimistic economic outlook and healthier Q3 corporate earnings. The month could also see higher volumes due to extended working hours.


















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