“Energy levels for a sustained bull rally seems to be missing. Though technical analysis might say that there is an upside breakout, it will be too ambitious to say that we are in a bull run,” said Jagannadham Thunuguntla, head of the capital markets arm and director of India’s fourth largest share brokerage firm, the Delhi-based SMC Group.

1. Indian equities stretch rally, post modest gains
Feb 10th, 2009 |
Mumbai, Feb 10 (IANS) Indian equities posted modest gains Tuesday, with a key index gaining
0.66 percent over its previous close.
The sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 9,589.95
points, gained 63.58 points or 0.66 percent to close at 9,647.47 points.
At shutters, the S&P CNX Nifty of the National Stock Exchange (NSE) moved up 0.5 percent to
close at 2,934.5 points.
“Energy levels for a sustained bull rally seems to be missing. Though technical analysis might
say that there is an upside breakout, it will be too ambitious to say that we are in a bull run,” said
Jagannadham Thunuguntla, head of the capital markets arm and director of India’s fourth
largest share brokerage firm, the Delhi-based SMC Group.
The BSE midcap index was up 0.76 percent, while the BSE smallcap index gained 0.29 percent
over its previous close.
Of the 13 sectoral indices on the BSE Tuesday, realty and consumer goods gained the most,
while metal stocks were down. The slip in sectoral indices all across the board remained
marginal, indicating a dull market.
The overall market sentiment was mixed with 1,387 stocks advancing, 1,080 scrips declining and
109 remaining unchanged. Top gainers among the scrips on the Sensex included DLF (up 9.05
percent at Rs.152.50), BHEL (up 4.22 percent at Rs.1,451.60), Larsen and Toubro (up 3.4
percent at Rs.697.35) and Mahindra and Mahindra (up 3.3 percent at Rs.283.50).
Among the major gainers on the BSE were Educomp Solutions (up 18.43 percent at Rs.1,891.45)
and KSK Energy (up 13.29 percent at Rs.184.55). Losers on the Sensex were Reliance Infra
(down 2.6 percent at Rs.562.50), Hindalco (down 1.96 percent at Rs. 44.95), Tata Motors (down
1.84 percent at Rs.138.85) and NTPC (down 1.5 percent at Rs.180.20). BSE’s major losers were
Spice Tele (down 9.06 percent at Rs.56.20), Balarampur Chini (down 6.71 percent at Rs.55.65)
and Indiabulls (down 4.99 percent at Rs.119.85). In other Asian markets, a key Japanese index,
the Nikkei of the Tokyo Stock Exchange, closed at 7,945.94 points, 0.29 percent lower than its
previous close. The Hang Seng, a key index of the Hong Kong Stock Exchange, ended 0.81
percent above its last close.