This is an article published on ndtvprofit.com on 05.01.06
It is bullish on the indian market makinghuge strides

Markets close weak
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Puneet Wadhwa

Thursday, January 5, 2006 (Mumbai):

The markets snapped two-day winning streak and closed in the red. The benchmark index ended at 9617 levels.

In the broader markets, the Nifty, slipped 0.2 per cent to end the day at 2899 levels.

"I am bullish on the markets. The Sensex can touch 10200 levels by February. However, there can be a sharp correction after that," said Ashu Kakkar, Tech Analyst, Skypowerfinancialservices.com.

Leading the pack of losers at the Sensex were Satyam Computer and Tata Motors. Both the counters slipped 1.8 per cent each. ICICI Bank, Wipro, TCS, ITC Limited and NTPC also ended weak.

Grasim Industries at Rs 1,477 levels however gained ground. The stock firmed up 2.6 per cent or Rs 38. SBI, BHEL, Hero Honda, Maruti Udyog and Bajaj Auto were the other gainers.

Mid-caps firm up

The CNX mid-cap index at 4176 levels gained 0.7 per cent or 29 points. Andhra Bank was the biggest gainer that firmed up 9.2 per cent. Bongaigaon Refinery, BEML, EIH Limited and Monsanto India also ended in the green.

Bucking the trend was Bombay Dyeing. The counter slipped 3.4 per cent. Aban Lloyd Chiles (down 3.1 per cent), HCL-Infosystems (down 2.4 per cent), Amtek Auto (down 2.3 per cent) and Gillette India (down 2.1 per cent) were the other losers.

Banking stocks flare

The banking index, BANKEX, at 5320 levels was the biggest gainer among sectoral indices. Andhra Bank (up 9.2 per cent) was the key gainer. Indian Overseas Bank (up 7.5 per cent), Bank of India (up 6.9 per cent), Vijaya Bank (up 6.6 per cent) logged gains.

ICICI Bank was the only counter that slipped. It ended the day at Rs 604 levels, down 1.6 per cent.

On firm foundation

Fresh buying was witnessed in select cement counters. Grasim Industries (up 2.6 per cent), Ultratech Cemco (up 2.2 per cent), Dalmia Cement (up 0.5 per cent) and ACC (up 0.3 per cent) were the top gainers.

Metal stocks also gained ground. Hindustan Zinc (up 10.4 per cent), Sterlite Industries (up 3.2 per cent) and Jindal Saw (up 1.4 per cent) ended the day in positive turf.