Close: Northbound journey continues...

It was again a firm start with market continued from where it ended yesterday. Sensex consolidated the gains made in the early session and then traded ranged through out the day. Global cues helped the Indices to trade in the positive territory. In the last hour of trade some profit booking was seen as Sensex once above 13,900 ended well below that. Buying was also seen in Small and Mid caps. Banking, Energy, FMCG, Telecom and Technology sectors were in favour of the investors. Asian indices ended firm while Europe traded firmly.

Sensex ended up by 151 points at 13859.69. It was helped up by gains in Satyam (492,+3 percent), Tata Motors (906.85,+3 percent), HDFC Bk (1056.9,+3 percent), ICICI Bk (894.45,+3 percent) and Guj Ambuja (141.85,+2 percent). Restricting the gains are ONGC (873,-2 percent), Hero Honda (744.4,-1 percent), HLL (219.55,-1 percent), Rel Energy (524.75,-1 percent) and BHEL (2326.8999,0 percent).

Nagarjuna Construction Company bagged three new orders aggregating to Rs 370 Cr. The first order valued at Rs 282 Cr is from Additional Chief Engineer Ajmer, Bisalpur for water supply at Ajmer in Rajasthan. The project completion period is 24 months and operation and maintenance period is for five years. The second order valued at Rs 65 Cr is received from Sahara India Commercial Corporation for construction of 72 villas at Amby Valley city near Pune. The project completion period is 18 months. The third order received from chief engineer of military services, Chandigarh for augmentation of water supply of Ambala Cantt. is worth Rs 23 Cr. The project will be completed within a span of 24 months. The stock ended 3.4% up on the news of the orders bagged.

Reliance Communications Ltd reported that a meeting of the equity shareholders of the Company will be held on January 27, 2007 for the purpose of considering the approval with or without modification the Scheme of Arrangement between the Company (First Demerged Company) and Reliance Telecom Ltd (Second Demerged Company) and Reliance Telecom Infrastructure Ltd (Resulting Company) (the Scheme). Value unlocking seems to be the mantra of the markets. The big event for Reliance Communication is the probable acquisition for Hutch which seems to have got into a bidding war which is not positive. Business however is fantastic in terms of growth but valuations that reflect more. The stock ended 2% up.

Technically Speaking: Market was trading in a ranged manner. Sensex rallied between the channels of 13734 ? 13911 level. However, the breadth had been in the favor of Advances as they were 1.06 times the Decliners. As per Elliot Wave theory Market is trading in ?B? wave in which the internal structure of ?B? wave is of an irregular pattern. To maintain the Bull run, Market has to sustain 13780 level if it does then 14180 level could be witnessed but if it doesn?t the 13300 level could be seen.