Markets extended last week's rally, clocking gains for the fifth consecutive session on back of continued buying by investors. The Nifty was up 42 points, at 5696 and the Sensex after touching 19k was hovering around18,961, up 145 points.
Last time the Sensex touched 19,000 was on 24th January. Technical analysts expect markets to maintain an upward trend in the medium term. Devangshu Dutta said, "markets look bullish, support for Nifty is seen at 5650 an the resistance is at 5700, upside above 5750 will be driven by break out in the financial stocks"
Financial shares were leading the gains on expectations that credit demand would rise. BSE Bankex index wa up 1.5%. Top gainers from this space were Indusind Bank, up 4.8%, HDFC Bank and ICICI Bank added 1.7% each, and Axis Bank zoomed 1.4%.
BSE Capital Goods index was also trading higher' Punj Lioyd advanced 2.3%, Praj Industries gained 2.1% and Alstom Projects was up 2%.
Top gainers on the Sensex Tata Motors, up 3.1%, Larsen & Tourbo surged 2.9% and Reliance Infrastructure gained 2.4%. Only nine components on the Sensex were trading in the red. JP Associates fell 1.7%, Cipla declined 1.2% and Reliance Communication was off 1.1%.
Broader markets were also trading higher, the BSE midcap and smallcap indices were up 0.5% and 0.3% each.
The market breadth was negative, 1314 stocks advanced for 1533 stocks that declined.