The market consolidated throughout the session on Wednesday, though it managed to hold 4850 level on the Nifty quite well. Today’s trend was completely in line with global cues.

Reliance Industries, banks, metals and realty stocks helped the market to retain yesterday’s gain. However, technology stocks took beating ahead of Infosys’ third quarter numbers. The broader indices outpaced the benchmarks led by retail, aviation, realty and education stocks. The BSE benchmark Sensex was up 10.77 points, to close at 16,175.86 and the NSE benchmark Nifty rose 11.40 points, to end at 4,860.95.

Looking at the current momentum, in the immediate short term, Nitin Raheja, CIO of Rada Advisors feels the index could go up to 4,950-5,000. But experts still believe the road ahead will not be so smooth. Jyotivardhan Jaipuria, head of research of BofA Merrill Lynch expects both GDP growth and earnings to disappoint the market. Metal stocks continued to hog the limelight especially after China’s trade data and Alcoa’s positive outlook for aluminum demand. Respective index jumped over 2%.Shares of Hindalco, Sterlite Industries and Sesa Goa shot up 5-6%; SAIL and Tata Steel were up 3-3.7%. The BSE Realty Index posted outstanding performance, rising 4.6%; DLF gained 3.4% and HDIL surged over 10%.

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