The markets opened with a weak start and ended the day at slightly higher levels on late buying. The sensex ended the day at 3303.22 (+ 01.18) levels and the Nifty 50 ended the day at 1065.60 (+ 01.30) levels.
The market breadth was negative as the combined figures on both exchanges were 933 : 1152 and the traded volumes on the Bombay Stock Exchange (BSE) were Rs 1,207 crore and the National Stock Exchange (NSE) was Rs 2,461 crore.
The capitalisation of the market breadth was at divergence with the numerical figures again as the numbers were Rs 2,743 crore: Rs 915 crore on a BSE and NSE combined basis. This shows a selling bias on the index composite heavyweights.
The traded volumes which have improved marginally are still below the average daily volumes. The indices have managed to inch upwards but are slightly below the 30-day simple moving averages and are therefore precariously poised.
The outlook for the trading session on is that of cautious optimism as the trend is promising though very weak owing to lack of broad-based participation.
The pre-budget sentiments may see a slight buying momentum building up on the upsides. Stock specific activity will continue on BHEL, State Bank of India (SBI), Reliance, Tata Engineering and Digital Globalsoft.
Derivative traders may commence buying call options on the Nifty in the near month series at
