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Sensex, Nifty gain for 2nd day on banks' support but lose shine for the week

Equity Tips

Equity benchmarks erased half of gains in late trade but closed higher for second consecutive session Friday, backed by banks on hopes of early NPA resolution. ITC and Reliance Industries also supported the market but gains capped by technology stocks.

The 30-share BSE Sensex rallied 208 points intraday, before closing up 89.24 points at 29,421.40. The 50-share NSE Nifty managed to hold 9100 level amid consolidation, up 21.70 points at 9,108.

Experts expect the Nifty to remain in a range of 9,000-9,200 levels next week as well, citing lack of triggers. According to them, next trigger for the market would be March quarter earnings that are expected to be good.

Jayant Manglik of Religare Securities expects consolidation to continue on Monday as well.

He says, now, the challenging part is to manage stock specific positions in such volatile scenario. Hence, he suggests limiting leveraged positions and keeping them hedged until Nifty resumes its uptrend.

For the week, the market reversed some gains on profit booking amid consolidation as investors awaited March quarter earnings due next month. The Sensex was down 0.8 percent and Nifty fell 0.6 percent.

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