Daily Call -July 24 2008

The Sensex posted its sixth largest rise in point terms as it stopped short of the 15000 mark. The rally was powered, as expected by banking, ADAG and power-engineering stocks. The Bank Nifty posted it’s largest rise ever of 9.48%. The banking sector is back with a bang. It was aided by some positive remarks from the Finance Minister on the agenda of reforms.


Though the Open Interest (OI) increased by 5670 Cr, about Rs 4550 cr could be attributed to the rise in value of shares. 62% of the positions built were in the Nifty. The rally got extended power with a rise in Reliance stock. The company presents its quarterly credentials today, after the close. The environment is congenial for the banking stocks to do well with Crude continuing to slide.