Stock Market is ready to touch 17,000 levels

BSE benchmark index opened at 16,890.75 and quickly touched higher levels. The BSE Sensex touched a peak of 16, 915.91 in the opening trades. Selected stocks from auto and banking progressed, whereas cement, real estate and IT stocks chaired the declines.

Asian stocks opened up on a mixed note. Nikkei and Hang Seng skidded after yesterday’s holiday.

In early sessions, BSE Sensex was trading at 16,854.37, up 8.54 points, whereas NSE Nifty stood at 4,930.70, down 1.5 points. The BSE Midcap ascended 0.55%, while BSE Smallcap arose 0.39%.

Sachin Chandsarkar, senior dealer, Karvy Stock Broking, guessed that now there is no stopping for the market, as day-after-day Nifty and Sensex are touching new heights. He is very confident on the stock market move, and further he added that another peak will be achieved soon. Stocks to be watched out include Kesoram Industries, Divis Laboratories, Air Deccan and HLL.

Amongst the sectoral indices, BSE Auto climbed up 0.51%, BSE Bankex ascended 0.59%, whilst BSE IT rejected 0.34% and BSE Realty turned down 0.62%

The major gainers’ on the BSE index were Reliance comm. that gained 1.04% to Rs 604.50, Cipla which arose 0.99% at Rs 169.00 and Reliance Energy, which went up 0.85% at Rs 1,103.00. The other key gainers in the list were M&M, Maruti, NTPC, BHEL, ICICI Bank and Wipro.

The top losers at the BSE Sensex comprised Wipro, which slumped 1.30% to Rs 437.00, HUL went down 1.07% at Rs 221.15 and Ambuja Cement declined 1.01% at Rs 146.70. TCS, L&T, Grasim, Satyam, and Hindalco also slipped.