Mumbai: The Sensex staged nice performance on the first day of last week of the year 2011, shooting up over 200 points amid low volumes. Telecom, technology, banks, FMCG and capital goods were major sectors that led the rally. Positive macro data and congress move from the US too lifted the confidence of Indian equities on Monday.
The Sensex tried to hit the 16000 mark but all its attempts failed. It touched an intra-day high of 15,998.44, before closing up 232.05 points at 15,970.75. The Nifty rose 65 points, to end at 4,779.
Sudarshan Sukhani of s2analytics.com advised holding long position. He does not think that this market is ready to mature and sell out.
The rally of about 1 per cent in the US markets on Friday was led by positive macro data and Congress move. US Congress approved a two-month extension of a payroll tax cut and in the economic data, home sales rose to a 7-month high in November. Supply of houses on the market was lowest in 5.5 years, whichrekindled hope of a revival in the housing market. The US and European markets are shut today for Christmas holiday.
Back to the Indian market, the TECk and IT outperformed other indices - gained 2.6 per cent and 2.4 per cent, respectively.
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