The markets yet again showed signs of resilience after the long unwinding ahead of the end of the May series yesterday. Nifty was up 159 points to close at 4276 and the Sensex closed at 14109,up 520 points. The rally was a result of the positive global cues from the US which saw the consumer confidence index rise to 54.9 in May from 40.8 in April. This was above the expected levels of 42. Asia was strong today with the Topix gaining 1%, Hang Seng 5.26% and the Singapore Strait Times up 3%. Apart from the global cues, good news from within with the FM stating that the government would focus on infrastrucutre and the long pending reforms in the financial sector in this budget. Europe on the other hand is trading flat.
All the sectors were in the green today except the sugar sector which felt the heat after the FMC banned the trading in sugar futures.
Of the stocks i follow OM Meta Infrastructure was again locked at an upper 10% circuit. Bajaj Auto finance was up 4.25%, Hindustan zinc up by 3.36%, HDIL by 6.63%, L&T by 4.74%, ONGC by 8.93%, SBI by an odd 6% and Suzlon by another 3.4%.
Overall it was a good day for the market, however the Nifty seems to be showing some signs of resistance at the current 4300 levels.
The market could remain flat for the next couple of days
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