Anuj Anandwala, analyst, KJMC Capital Services said that market had a volatile session today (December 31). It opened with an upward gap but closed flat. Sensex closed with a gain of 80 points, at 20,286.99, while Nifty closed at 6,138.60, up 58.9 points. IT and Metal stocks were up despite mixed trend being seen in Asian and European markets. Telecom sector was also buzzing today.
Overall 2007 was very good for the Indian stock markets. New records were made, maximum 1,000 marks crossed this year, giving an overall return of 40% to 45%. Almost all sectors participated in the rally.
He expects a positive opening in 2008 and is bullish on sectors like pharma, IT and power.
Rohit Mehta, head equities, Dimpi Investments stated that market opened up today but lost most of its gain in the rest of the trading session to close flat. Large-cap infrastructure stocks like Bharti Airtel, NTPC and Reliance Communication performed well at the bourses. However, Infosys, HDFC Bank and Ambuja Cement closed weak.
Market seems to be on a firm note. No panic selling is being seen. The reach of mutual funds has increased, hence the retail money is flowing into the market in a reasonably large way.
He says that market will be in a party mood tomorrow, hence expects volumes to remain dry and it can not be taken as an indicative day. He recommends small investors to look at sectors like IT, FMCG and pharma.
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