Positive open on cards, Correction likely in the near term The stock market indices in Mumbai are set to open higher again as there seems to be no stopping for the bulls. There has been heavy buying in IT and commodity stocks for the past few sessions, as investors are betting that things will not be so bad as feared. Expect the Sensex to open higher by more than 100 points or 1 percent, but we see a small pull back, as the run up has been vertical.
Stocks on Wall Street jumped again Monday, giving the Dow Jones industrials their sixth straight advance, as investors got more robust earnings news from big companies and data that suggests the economy is closer to a recovery.The Dow rose 104.21, or 1.2 percent, to 8,848.15 and the Nasdaq composite index rose 22.68, or 1.2 percent, to 1,909.29. It was IT all the way as technology stocks were on fire on Monday. TCS gained nearly 15 percent to close at Rs 500, a new 52 week hight,on the back of great quarterly numbers. Wipro was also active ahead of its results on Wednesday. The stock closed at Sr 460 or nearly 7 percent higher when compared to Friday's close. As expected there was heavy activity in select midcaps on Monday. GKW Ltd, Thomas Cook, Cambridge Tech, Cords Cable and Guj NRE Coke were some of the high fliers in the market.Gujarat NRE Coke looks really hot in the current market. The stock surge by 16 percent on a volume of more than 20 million shares on the NSE.There is still some room for the stock (Rs 60) as the market started realizing the value of the company's holdings in the mines in Australia and also plans to set up new plants in AP and Gujarat. LIC Housing, Chambal Fertilizers, Radico Khaitan, Garware Offshore and Finolex cables are some of the stocks to watch out in today's trade. Overall, a positive opening on cards but a small correction is not ruled out soon. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
