Markets ended at 3-month closing highs amid a broad-based rally led by financials after the cabinet today approved composite caps in several sectors. Meanwhile, the narrowing of trade deficit coupled with strength in the global peers after Greek parliament approved the austerity reforms boosted investor sentiment. The Sensex closed at 28,446 levels up by 248 points and the Nifty surged 84 points to end at 8,608 levels. In the broader market, BSE Midcap and Smallcap indices gained 1.3% and 0.8% each. The market breadth ended strong with 1,567advances versus 1,249 declines on the BSE. BSE Midcap index hit a lifetime high of 11209.18 mark in today's session to end at a fresh closing high of 11,198.24 on the back of buying by as foreign institutional investors (FIIs). MARKET VIEW "Nifty managed to close above a stiff resistance zone of 8550 today. Banknifty showing strength and outperforming today was the highlight. The most interesting aspect of the markets here is that a lot of largecaps and midcaps are showing life time high's, even though the indices are substantially away. A host of initiatives by the government including the cabinet clearance of a proposal removing the distinction between different types of foreign investments through a composite cap gave a boost to the market. Expectedly, the Bank Nifty lead from the front. Nifty, which has struggled around 8550-8560 levels managed to blast past this resistance and close above the psychological mark of 8600. The immediate resistance for Nifty is placed at 8850 while for Bank Nifty we see 19,600 as critical resistance levels.
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