ICICI Bank and L& T surged and DLF, ONGC and RIL held firm.
Both Nifty and Sensex recorded all time highs ! L & T surged to 4240, ONGC to 1349, TISCO to 934, ICICI Bank 1282, SBI 2409 & HDFC to 1700. RIL surged to 2993
On the other hand, IT majors were subdued with Infy at 1683, TCS at 1006, Satyam to 423 and Wipro at 497.
We have said earlier that the cash flow to India will continue and there is no big threat to the stock market. But there can be secondary reactions.
According to Dow Jones Theory, the Stock Market is like an ocean. The primary trend is the Tide, the secondary trend is the wave and the tertiary trend is the ripple. Daily fluctuations are tertiary waves. Now the primary trend is bullish and we say the Tide is a Bull Tide. Secondary reactions are busts happening in a Bull Market. Last time the market slipped by almost 2000 points and this was a secondary reaction. After the secondary reaction, the bull market moves ahead, overtaking its previous highs !
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