Market Movement To Depend Upon Quarterly Results

Bombay Stock MarketsAfter closing on a strong note on Thursday, Sensex belled the day positively today following firm global signals.

Real estate, IT, metal and capital goods were in limelight, while FMCG stocks went down.

BSE Midcap and Smallcap index climbed 1.12% and 1.09% respectively.

At 10:04 am, the 30-share index Sensex gained 103.55 points at 15,334.59, while the broad based Nifty gained 21.95 points at 4,545.70.

The major gainers in the 30-share index included Infosys Technologies, Tata Steel, L&T, DLF, Sterlite Ind and Tata Power.

It's very crucial for the markets to sustain at higher levels and major fresh triggers that will bring fresh buying from the FIIs and domestic players together with great impetus from domestic players then only nifty could breach the significant resistance level of 4700.

Till then, investors will stay in a trading band of 4100-4700, and in this region any major reduction should be used as a buying opportunity.

In today's session, it looks that the market movement will mainly depend on the results.

Reliance Industries, Reliance Petroleum, Ranbaxy, GAIL, HCC, Jet Airways, Fortis Healthcare, among others will declare their June 2009 quarterly result today.

The Q1 June 2009 results declared thus far have encouraging, with lower costs assisting bottomline growth.

The combined net profit of 434 companies surged 18.20% Rs 30392 crore on 5.9% growth in sales to Rs 196599 crore during the first quarter ended June 30, 2009 as against June 2008.