Close: Merry Christmas ! say the markets !

The market session today started off with cheerful momentum and buying interest was seen across all the sectors across board. It also included mid and small caps. The volatility of the previous week was soon forgotton for a strong start for this week. Buying across sectors like Cement, Automobile, Pharma, Textile and Power helped the indices to close at the high point of the day. Global Markets traded mixed but they were no dampener.

Sensex closed up by 237 points at 13708.34 helped up by gains in Wipro (597.35,+4 percent), TCS (1190.25,+3 percent), Cipla (255.9,+3 percent), Satyam (476.55,+3 percent) and Tata Motors (884.4,+3 percent). Restricting the gains were TISCO (477,0 percent), Dr Reddys (802.15,0 percent), RCVL (467.25,0 percent), Hero Honda (749.15,0)

Indian coal ministry plans to allot 41 critical blocks of coal with a joint coal reserve of 16 Billion Tons (blocks are in Orissa, Jharkhand, Maharashtra, and Chattisgarh). Furthermore, the ministry has already started inviting applications from private power firms and PSUs regarding this. Nearly, 15 blocks will be allotted to private players such as Reliance Energy, Tata Power, and Jindal Steel, whereas 16 blocks shall be awarded to firms who win bids for nine mega power projects. However, Central & State power Public Sector Undertakings (PSUs) will receive the rest of the 10 blocks. Well this has been going on for so many months. Solar gains as it is the supplier of explosives for coal mining. The worries are that prices have been pushed down in the tendering process and are hurting margins badly. We are not buyers yet. We would let prices stabilize though with a long term perspective it?s not a bad idea. The stock closed up by 17%.

IndusInd Bank, a fast-growing private-sector bank in India has received fresh authorisation from the Reserve Bank of India (RBI) for opening 10 more branches and 100 new ATMs. The bank presently has a network of 147 branches and 84 ATMs spread over 118 geographical locations in 24 states and union territories. The 10 new authorizations for branches relate to semi-urban and rural centres and it plans to open these branches by the end of this financial year. IndusInd Bank is expanding its business aggressively by opening new branches also they are reducing the employee cost by installing new 100 ATMs and this will help to give better service to customers but risk is that the bank may not able to raise the deposits to meet the growing demand in loan. The stock closed up by 2%.

Technically Speaking: Sensex Sensex touched intraday high of 13726 and low of 13490. Market turnover stood good at Rs 3051 cr. Overall breadth went in favor of Advancers where advancers stood at 1644 and Decliners at 956. The Resistance level was at 13880 -13799 while Support at 13563 -13409 levels.