Bulls continue to dominate, markets end at record closing high:: HDFC Securities

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Statistics

The market ended at record closing high ahead of European Central Bank meeting outcome later in the day. The benchmark indices ended in the green for sixth straight session. The 30-share BSE Sensex closed up 117.2 points or 0.4% at 29006 and the 50-share NSE Nifty rose 31.9 points or 0.4% at 8761.4. Broad market indices ended marginally higher with BSE Mid Cap & Small Cap indices rising 0.1% & 0.2% respectively. Both the indices underperformed the Sensex. 

Market breadth was marginally negative as the A/D ratio was 0.9:1 on the BSE. NSE cash turnover was Rs. 19,253.5 crs vs. Rs. 20,392 crs in the previous session.

Sectoral and Stock movers

Barring oil & Gas and Consumer Durables, which fell by 0.8% & 1% respectively, all the other sectoral indices ended in the green with Healthcare, Capital Goods, Auto & Metals being the top gainers, up 1.7%, 1.1%, 0.7% & 0.7% respectively. Sun Pharma, Axis Bank, Tata Motors & ONGC were the top gainers, up 3.7%, 3.3%, 2.7% & 2% respectively. Among the top losers were NTPC, Reliance, Hero Motocop & Maruti which fell by 2.4%, 2.3%, 1.3% & 1% respectively.  
  
Way forward

The Indian markets have ended in the green for sixth straight session. While the near term trend is bullish, profit taking at higher levels cannot be ruled out in the coming session. Expectation of positive outcome from ECB meeting today has been largely factored in. However, in the event of negative surprise, there could be a sharp correction. Crucial support levels to watch out for are 8700 and 8630. On the upside, market is likely to face resistance at 8830-8850 levels.