The benchmark index continued to remain firm and ended with modest gain for the sixth straight sessions. The Sensex advanced 47 points to finish at 16,264 after trading in narrow range of 16,337 and 16,130.
The benchmark index extended its winning streak to the fifth day and ended flat as profit-taking erased earlier gains. The Sensex advanced 33 points to close at 16,216 after trading between 16,434 and 16,166. The Nifty ended with just 5 points gain at 4,819 after shedding 69 points from day's high of 4889. Metals, banking and IT stocks posted gains today, realty and auto counters ended lower.
Most Asian stock markets rose as lower U. S. jobless claims and a higher forecast for global oil demand from the International Energy Agency offset slower? than estimated growth in Japan's economy. Japan's economy unexpectedly grew less than initially estimated in the second quarter as companies cut spending and stockpiles fell.
This was the third strong going day for the markets as they were well holding above the important Fibonacci retracement level of 61.8%, which are 4,775 for the Nifty and 16,035 for Sensex. Markets have entered into a fresh new zone and consolidating and waiting for a fresh trigger to take the market to new high.
On Wednesday the market was volatile second day in a row with Nifty hovering between 4785 -4825 range and was not able to even cross yesterday's high of 4842 finally closing up 9 points at4814.25Nifty open interest increased to 298.19 lakhs, still being the highest OI seen in the last 30 days
(excluding on 27 august-(305.59lakhs) - last day of previous series) The OI increased by 2.96 lakhs .
The Sensex closed higher for the fourth consecutive day on the back of sharp upside in Reliance Industries, which gained 4.5%. Metal stocks continued their run up today as well and banking stocks were the other gainers.
The markets maintained their upward movement for the third consecutive day on the back of strong buying witnessed in the Index heavyweight like Reliance Ind & State Bank of India which has been consolidating for quite some time. Global Asian cues were also positive today. Hang Seng was up 2.14% and Shanghai rose 1.71% and Taiwan Weighted gained 1.2%. The Sensex closed up 107 points to 16,123 and the Nifty rose 22 points to 4,805 after hitting an intraday high of 4842.
Asian stocks fell, dragging the MSCI Asia Pacific Index from a one? year high, as Alibaba. com Ltd.'s chairman sold a stake, while CSK Holding Corp. and Metro Pacific Investments Corp. offered shares for sale. Alibaba. com, owner of China's biggest electronic? commerce Web site, sank 5.3 % in Hong Kong after Chairman Jack Ma sold stock for $35 mn.
The markets maintained their upward movement for the third consecutive day on the back of strong buying witnessed in the Index heavyweight like Reliance Ind & State Bank of India which has been consolidating for quite some time.
Global Asian cues were also positive today. Hang Seng was up 2.14% and Shanghai rose 1.71% and Taiwan Weighted gained 1.2%. The Sensex closed up 107 points to
Japanese stocks fluctuated as some companies rose on speculation an improved business outlook will prompt them to lift their earnings forecasts, while banks declined after a report showed lending growth slowed. Lending growth at Japanese banks slowed in August for an eighth‐straight month, the Bank of Japan said today, as companies cut spending and unemployment climbed to a record.