Markets started off the week with a bang as the All Share Index surged 95 points almost 1.75% to close at 5,592. The Milanka Index gained 155 points to close at 5,248.84. The markets surged on the back of strong volumes which posted a turnover of 1,894.68 million. The foreigners were net buyers as the net foreign inflow stood at 38.8 million. The market breadth was positive as there were 197 shares advancing and 43 shares declining. Among the sector gainers Diversified sector was the top gainer followed by the BFI sector. HVA.N was among the top gainers as the stock surged 25.5% to close at 17.70. Among other top gainers were COLO.N the stock was up 20% to close at 253.3, KURU.N was up 21% to close at 30.3 and GRAN.N was up 12.6% to close at 70.3. Among the major laggards was PARQ.N down 4.6% to close at 16.6 and ASPH down 4.5% to close at 299.5.
Technically the markets have closed almost at the day’s highs indicating the inherent strength in the current rally. If we look at the hourly charts the markets opened with a gap consolidated for a while and then exploded. The rally has been broad based and 5,620 is the immediate resistance level and above that the next resistance level comes at 5,800.