Click to play videoNew Delhi: The start of a new financial year and the markets, it seems, are done with the bear.
The Sensex broke the psychological 10,000 mark on opening closing over 300 points higher.
The Nifty too broke through 3200, giving the markets their highest closing in 6 months. In fact, markets are 12 per cent higher than last week.
Analysts say, Thursday's rally and this week's momentum will bring the bulls back on Dalal Street.
IL&FS Vibhav Kapoor said, “Events over the past month or so in terms of better data from the global eco, the US plan on bad assets, and better data from EMs, is now pointing to the fact that we are ready to break out of this range and to that extent I would say, probably the bear market is now getting over and you are preparing for a reasonably good upmove from here.”
The economy too is showing signs of recovery. Automobile sales in March are 2 per cent higher than last year. In January, sales actually fell. March sales at Maruti jumped 22 per cent.
Chairman Maruti Suzuki RC Bhargava said, “March would be a good month because production in March has been running at a good rate, a rate which would be a rate of million cars a year.”
The Election Commission's permission to buy 14,000 buses - part of the government's stimulus package - could spell a bonaza for cash starved commercial vehicle makers. It seems the roller coaster ride of economic uncertainty could finally be ending.
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