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Old 04-07-2010, 04:44 AM
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Default Sen*** tests 18000 at open; realty, oil&gas up

MUMBAI: Stocks opened on a flat note with a positive bias Wednesday taking cues from overseas shores. Realty and oil&gas counters posted



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decent gains while technology stocks continued to remain subdued as the rupee strengthened. ( Watch )

“Our markets took a breather yesterday after running hard for two days. Mid-cap and Small-cap stocks however continued their upward journey. Mid-cap and small-cap stocks continue to hog the limelight and that's where traders should concentrate as the Nifty consolidates. Meaningful resistance in Nifty comes only around 5470 where trendline adjoining tops of October 2009 and January 2010 is placed. 5235 continues to be key support,” said Anagram Research.

National Stock Exchange’s Nifty was trading at 5375.75, up 0.18 per cent or 9.75 points from its previous close. The index touched a high of 5385.80 and low of 5362.40 in early trade.

Bombay Stock Exchange’s Sen*** was at 17,971.95, higher by 30.58 points or 0.17 per cent. The index managed to surpass the 18000 mark in early trade.

BSE Midcap Index was up 0.63 per cent and BSE Smallcap Index gains 0.72 per cent.

The S&P 500 and the Nasdaq Composite rose modestly on Tuesday as the banking sector got a lift from positive analysts' comments, while minutes from the Federal Reserve's last meeting eased concern over rising interest rates.

The Dow Jones Industrial Average shed 3.56 points, or 0.03 per cent, to close at 10,969.99. The Standard & Poor's 500 Index gained 2.00 points, or 0.17 per cent, to end at 1,189.44. The Nasdaq Composite Index rose 7.28 points, or 0.30 percent, to finish at 2,436.81.

Asian counters were on the rise on the back of Federal Reserve’s stance on interest rates. Even as the Nikkei edged down 0.02 per cent, Topix gained 0.23 per cent, Taiex rose 0.31 per cent and Kospi inched up 0.01 per cent.
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