Benchmarks gained momentum Monday on the back of interest rate cuts by the Reserve Bank of India and second stimulus package by the Events that changed Dalal Street Invest for long term Navratnas who may shine brighter Golden rules for investors Tips for hiring a stock broker Value stocks for 2009 government to boost economy from global slow-down. “The second stimulus package that came on Friday has already been factored in. Q3 results will be starting from January 13 and we believe that the market will see some profit-booking prior to these results. We believe the situation in the US would continue to remain serious and any rally in the market should be used to book profits. For the day, we expect a positive opening but we recommend selling at higher levels,” said Religare report. At 11 am, Bombay Stock Exchange’s Sensex was at 10129.65, up 171.43 points or 1.72 per cent. The 30-share index touched an intra-day high of 10130.55 and low of 10,069.11. National Stock Exchange’s Nifty was at 3083, up 36.25 points or 1.19 per cent. The broader index touched a high of 3095.20 and a low of 3056.45 in trade so far. BSE Midcap Index was up 1.88 per cent and BSE Smallcap Index moved 1.76 per cent higher. Amongst the sectoral indices, BSE Metal Index was up 2.80 per cent, BSE Bankex moved 2.62 per cent higher, BSE Realty Index gained 2.24 per cent and BSE Oil&gas Index jumped 1.69 per cent. “Nifty now faces a strong hurdle around 3150~3200 range with closing basis support on daily chart now at 2820 levels. Any close below this level may see fresh sell-off, which may probably take indices lower towards 2600 levels. RBI's action on Friday may see some positive action at start of the week however any reversal from above mentioned range will see Nifty slipping lower in later part of the week. Levels of 2980 will act as a key trend reversal levels and should be treated as strict stop loss for all short-term long position,” said Reliance Money report. Jaiprakash Associates (5.09%), Hindalco Industries (5%), ICICI Bank (4.28%), Tata Power (4.14%) and Sterlite Industries (3.78%) were the top Sensex gainers. Bharti Airtel (-3.47%), Satyam Computers (-3.35%), Hindustan Unilever (-1.19%), NTPC (-0.43%) and ITC (-0.40%) were amongst the Sensex losers. Market breadth was positive on the BSE with 1510 advances and 455 losers.

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