Yesterday Market Summary..

Last trading day: Tuesday, 22 December

Asian markets closed positive while European markets are trading firm despite poor GDP numbers. Our market nearly closed at the highest point of the day. There was good buying in metal, realty and banking stocks. Sensex shut shop at 16692, up 90 points and Nifty at 4985, up 33 points from the previous close. CNX Midcap index is up 0.94% and BSE Smallcap index was up 0.99%. The market breadth was positive with advances at 832 against declines of 426 on the NSE. Top Nifty gainers included SAIL, Suzlon and Tata Steel while losers were ACC, ONGC and TCS.  

The year 2010 would be one of stock picking for good gains, says Navneet Munot of SBI MF on NDTV Profit. Investment in infrastructure to pick up, he feels. There could be money tightening and hike in policy rates, he says. The domestic consumption story has potential, he says. He is bullish on road and power space.  

The market could see a short covering rally in the next 1-2 days, says Prakash Gaba, technical analyst, on CNBC Awaaz. So buy Nifty around 4950 levels and the upside could be 5050-5100 where one can book profits, he adds. Buy Reliance Communications with target of Rs 180 and stop loss of Rs 168, he says.  

Good global cues helped our market stay in the positive and it closed higher. Sensex closed at 16692, up 91 points (provisional) and Nifty at 4990, up 38 points (provisional) from the previous close. CNX Midcap index was up 0.99% and BSE Smallcap index was up 1.06%. The market breadth was positive with advances at 832 against declines of 426 on the NSE.