Sensex closes with gain of 90 points
The 30-share benchmark Sensex gained 91 points today as compared to the previous close at the Bombay Stock Exchange (BSE) mainly led by strong global cues and indications of strong economic recovery.
Shares of Metal, banking, realty, power and telecom attracted good investor response to end with gain compared to Monday's close.
However, the Nifty seemed under pressure and could not cross the 5,000 mark given to the limited performance by stocks of ONGC, TCS, HDFC Bank, Ranbaxy and HUL on the bourses.
Ray Barros, CEO, Ray Barros Trading Group said that Sensex may cross 20,500 levels owing to rebound in consumer confidence. However, conditions are unlikely to remain as it is, post Christmas and there is a possibility of sudden fall in the market.
Barros added, "In the short-term, the Sensex is going to come off after Christmas. So that's what I would be looking for in terms of the first quarter. Markets will hold up until December 31 and then the markets will pullback."
Markets of Hang Seng, Kospi and Taiwan closed with gain. However, China's Shanghai declined 2.3 per cent today.