Day of a single handed show by Reliance Industries which rallied by 4%. It played a sort of a saviour for the markets and recover from the losses yesterday. RIL’s recovery was clubbed with the increased confidence by British Petroleum.
The European markets also recovered from the losses and cuts witnessed in the last few days. The Sensex moved up by 149.48 points to close at 16,862.81 whereas the NSE nifty Index maintaining the strong 5000 levels closed at 5,064.30.
While observing the market’s ups and down in the last two trading sessions the 5,100 and 5,200 levels seems more likely to be reached within the next few trading sessions. The 5,000 levels and 4700 are expected to be a strong support for the NSE INDEX.
However the European markets continued their plunge and were down about 3-5%. Asian Markets also witnessed a slight cut with major indices ending in the red with an average slip of 1%.
Besides the stellar show by Reliance Industries on the news of BP saying that it was confident of increasing the gas production from KG D6. Another performer was ONGC which supported the uptrend of the market despite its FPO date. The stock was up by 1.56% being one of the gainers in the markets. Almost all the sectors recovered a bit from the losses yesterday
Bell the Bull says: High ups and downs are still to prevail given the global scenario and a sense of uncertainty in the market.