Market Likely To Sustain Gains

Yesterday the Indian market witnessed a sharp recovery. The reason for the same was simple, green opening for the European markets. Further the expected 7.20 per cent GDP growth for the FY10 was another reason as it indicated that growth is on track. But some negative economic data from US resulted in US markets plunging to lower levels. Impact of the same was visible in Asian markets also. Now taking a cue from the Asian markets, Indian equity market witnessed flat opening with bit negative bias. But again some recovery happened and the markets are now trading in green. While Sensex is trading at 15993 up 59 points Nifty is trading at 4780 up 20 points. As regards the other indices IT and Telecom index are firm. But realty and Oil are witnessing pressure. Market breadth is positive with 1493 advances and 871 declines. We expect the market to close in green.