Sensex above 11,000, ICICI Bank up 20%

Equities gained momentum Monday as bulls returned with a bang on assuring comments from the Finance Minister P Chidambaram and positive cues from Asian markets. Heavy buying in index-heavyweight ICICI Bank pushed benchmarks higher.

The finance minister said liquidity was the main problem and it will be addressed both with fiscal and monetary measures. He assured that Indian economy was growing at a satisfactory pace

At 11:22 am, Bombay Stock Exchange’s Sensex was at 11,029.28, up 501.43 points or 4.76 per cent. The 30-share index touched an intra-day high of 11,029.28 and low of 10,817.68.

National Stock Exchange’s Nifty was up 4.16 per cent or 136.55 points at 3416.50. The broader index touched an intra-day high of 3,419 and low of 3,272.90.

BSE Midcap Index was up 2.29 per cent at 3,760.08 and BSE Smallcap Index gained 2.14 per cent at 4,448.67.


“Nifty has exhibited a strong bearish candlestick and it has lost substantial ground indicating negative bias. There is substantial selling pressure emerging at higher levels. However, based on the chart pattern developed to date, on a short-term basis the market appears to be oversold. The Nifty has closed below the 10-DMA and the 20-DMA. This has bearish implications. Nifty faces resistance at around 3600 and has support at the 3100 level and thereafter at around 3000,