Alex Mathew, head - research centre, Geojit Financial Services, discussing the market performance of the day said, ``The markets opened on a very strong note following the SGX Nifty and traded strong all morning but some amount of profit booking was seen in the early noon session however, bulls were seen coming back in action in the last hour of trade and closed with absolute positiveness. The whole game was played by the bulls without allowing the bears to make any move. The bulls conquered back the lost ground and pride from the bears.``

He opined, ``The major reason for the rally was the rate cut that happened in US followed by Bank of China, Taiwan, Hong Kong and Bank of Japan. Another reason for the rally was the inflation number which came down and was at 10.68%. The fall in inflation number helped the rate sensitive sectors like banking, realty and capital goods sector to support the market rally as they expect a similar interest rate cut by the Indian banks also. On the sectorial front, the major gainers were Metal up by 10.2%, Oil&Gas up by 9.11%, Bankex up by 7.21% and Technology up by 6.60%.``

``Individually, the major gainers on Nifty were M&M, Tata Communication, HDFC, Sterlite, ICICI Bank, Reliance and HCL Tech while the losers were BPCL, Unitech, Suzlon, Hero Honda and Sun Pharma. Crude is likely to show more weakness and is expected to test USD 58. Rupee is getting support at 50.25 and is having resistance at 49.2. Nifty is having resistance at 3,048, if it moves above this level then further upside is likely,`` he added.

P.K. Agarwal, president - research, Bonanza Portfolio commenting on the daily market performance said, ``Indian markets did catch up today. In last 2 days global markets saw huge rallies, when India was on trading holiday. Nifty went to a high of 2,921 and after taking minor intra-day dip, it closed near the high at 2,885, gaining 188 points over last close. Bull charge was led by M&M, Reliance, Tata Comm, Sterlite, HDFC. Metals, Bankex as sectors were major gainers. Selling was seen in Suzlon, BPCL, Unitech, Hero Honda. On downside 2,850 to provide support. On upside 3,000 can be resistance. Traders can hold on to positions with strict stop losses.``
 
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