Yesterday Market Summary

It was an end to another choppy session, as India underperformed its global peers. There was profit booking and the intra-day volatility helped clock in a big turnover. Sensex shut shop at 16806, down 151 points and Nifty at 4985, down 41 points from the previous close. CNX Midcap index was up 1.69% and BSE Smallcap index was up 0.46%. The market breadth was positive with advances at 679 against declines of 580 on the NSE. Top Nifty gainers included Sterlite Industries,SAIL and PNB while losers were Wipro, Maruti Suzuki andTCS.

The rally in metals has just begun and expect outperformance going ahead, says Vijay Bhambwani, technical analyst, on CNBC TV18. His top picks in this space are Sterlite Industries, Tata Steel and SAIL. InHindalco, he has a price target of Rs 200 in 24 months.

The market looks fully priced right now, says Amit Dalal of Amit Nalin Securities on CNBC TV18. The strengthening of the rupee has seen increased FII flows into India as leaving this market would be impossible, he says. Thus if the flows continue the market could be headed higher

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