Market Close: 14746..All time high ! But..

Strong momentum in the market as buying in the Capital goods and Metal stocks fuelled the rally. Market touched its all time high of 14730 levels after a long gap. But, Indices paired of its gains as profit booking at higher levels pulled it down. Banking, FMCG, IT and Oil & Gas went for profit booking. Sensex slipped into red zone at final trade but managed to end in green. Cement stocks witnessed selling pressure after good rally last week. Auto stocks cames out with their Monthly sales number. Maruti was the top gainers. Midcaps and Small caps were buzzing today but also witnessed the selling pressure. Global cues had nothing to support as Asia traded mixed, while Europe trading in red.

Sensex ended up by 14 points at 14664.26. It was helped up by gains in Maruti (771.35,+4 percent), Ranbaxy (364.7,+3 percent), RCVL (529.7,+2 percent), Tata Motors (684.05,+2 percent) and L & T (2234.8999,+2 percent). Restricting the gains were Guj Ambuja (122.45,-2 percent), TCS (1134.6,-1 percent), Wipro (512.75,-1 percent), Hindalco (158.45,-1 percent) and RIL (1684.5,-1 percent).

Auto stocks traded mixed. Car major Maruti reported good sales figures for the month June which were in line with the market expectations. The company's sales were up 24% YoY. The company sold 56,000 units in the domestic market, up 25.5% YoY from 44,626 units in June 2006. It has exported around 3,917 units in June, which were up 3% YoY. The company had ramped its presence in the non-European countries leading to the rise in exports. Utility Major Mahindra & Mahindra also reported Fantastic growth with 52 % jump in June month to 17,816 units from 11,709 units sold a year earlier. Its domestic auto sales including utility vehicles, light commercial vehicles and three-wheelers surged by 50 % to 16,814 units from 11,178 units. 2389 units of its new car Renault's no-frills Logan sedan in June and the exports rose by 89 % to 1,002 units. And also sold 10,089 tractors in June which was down 3 %. Maruti (+4%) and MNM (+1.5%) rallied. TVS, Bajaj Auto and Hero Honda numbers were not up to markas all traded weak.

Prathiba Industries reported that the company had secured two contracts from Indore Municipal Corporation for two water supply schemes. The total value of the contracts is almost Rs 98 crore. The project is to be executed in 12 to 18 months. Some days back the company had also secured a contract worth Rs 27 crore from Jabalpur Municipal Corporation for a water supply scheme. The project is to be executed in 24 months. The company is engaged in infrastructure business with focus on the water segment and the company also expertise in building and developing infrastructure projects for water-supply and distribution system. The company has also passed a special resolution was for issue of securities by way of ADR/GDR not exceeding $25 million. We have a quickies call here and its rocking as it got locked up in upper circuit.

Technical Speaking: Momentom has Pushed up sensex to new high at 14746 levels. Sensex touched an intraday high of 14746 levels and low of 14639 levels. Volumes were good as the market churned Rs. 4303 Cr. Overall breadth was in favor of Advances, where the Advancers were 1490 against 1163 Decliners. As we have been telling for sometime now that the trend is up and we are mostly likely to make a new high on Sensex, a new high was made today. Some signals of worry today as we could not close above previous high. The sentiment is still bullish but caution should be taken and fresh entry should be avoided if Sensex goes below 14550. Market is extremely bullish & money flows are strong which keeps good support.