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All Share Index snapped the two day losing streak

Posted on the September 21st, 2012 under Market Reports by

Markets opened flat and turned negative in the opening hours of trade but renewed buying interest pulled the index in green and finally the All Share Index snapped the two day losing streak and closed 52.83 points higher at 5901.97. The Milanka Index closed 69.35 points higher at 5558.06. However the turnover decreased today and stood at 941.04 million down from 1222.28 million yesterday. Market breadth was positive as there were 159 shares on the advancing side and 58 shares on the declining side. There was a net foreign inflow of 75.8 million. SING.N was among the top gainers as the stock surged 15.7% to close at 159.2. Among other gainers were HAYC.N the stock was up 9.45% to close at 183 and KAPI.N the stock was up 7.34% to close at 38.00. Among the laggards was LWL.N the stock was down 6.3% to close at 66.9.

The markets after touching the resistance area of 6000 entered into a two days correction phase and today they have closed higher. The markets are likely to consolidate within a band of 6000 on the upside and 5700 on the downside for some time. We may see some stock specific action within this consolidation phase wherein buying may be seen in certain select stocks which are at the support levels.

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