Sensex reclaims 29,000, Nifty hits 8,950 even as global markets drop

The benchmark indices on Monday continued to trade higher even as global markets traded mixed after US Federal Reserve Chair Janet Yellen indicated near-certain prospect of an interest rate hike in March barring any sharp deterioration in economic conditions. At 10:04 am, the S&P BSE Sensex was trading at 29,028, up 196 points, while the broader Nifty50 was ruling at 8,950, up 53 points. In the broader market, the BSE Midcap and BSE Smallcap indices gained 0.6% and 0.5%, respectively. "A strong support is seen in the zone of 8,850-8,800 on Nifty; whereas the immediate resistance level is at 8,993. We would reiterate that the trend is strong and hence, one should look to utilise intra-week dips to create fresh longs rather than getting worried about the overbought condition of the market," said brokerage Angel Broking in a technical note. Financial Astrology Tips

Buzzing stocks

IT stocks such as Infosys and TCS were the top losers and shed up to 1% on the Sensex, while Reliance Industries extended gains to hit its fresh 52-week high of Rs 1,301 on bright prospects of its telecom unit Reliance Jio. The scrip was the top gainer on Sensex. Shares of Dredging Corporation rallied over 16% to hit its 52-week high on news report that the government is looking to sell a 51% stake in the company.  Astrology and Numerology Trading Tips