Mumbai :Positive global cues, along with stock-specific movements, lifted the Indian equity market on Monday.The key indices had a gap up opening but they soon ceded these gains, only to bounce back at the end of the day’s trade.Sector wise, top gainers included BSE Power, Metal, Auto and CD indices, whereas BSE Energy and Telecom indices lost ground.Globally, major Asian markets have closed on a mixed note.However, European indices like the FTSE and CAC ended higher.Index-wise, the NSE Nifty50 closed at 11,259.40, up by 81 points, or 0.72 per cent, from its previous close.The Sensex closed at 38,050.78, higher by 173.44 points, or 0.46 per cent, from the previous close of 37,877.34.”Technically, with the Nifty bouncing back strongly after the sell off seen last Friday, the bulls are not willing to give up easily,” said Deepak Jasani, Head of Retail Research at HDFC Securities.”Traders will need to watch if the Nifty can now cross the immediate resistance of 11,278 to negate the weakness seen late last week. Weakness is likely to resume once the immediate support of 11,183 is broken.”According to Vinod Nair, Head of Research at Geojit Financial Services: “Indian indices overcame an uncertain start and traded in a range, before ending the day with gains. Global cues were also mixed due to the delay in the approval of the US stimulus package and mixed economic data coming in from around the world.””The markets are trading uncertain and investors are advised to remain cautious. The valuations in the market are a concern, and there could be profit booking in the near term.”
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