The market witnessed overall gains but was unable to close above 20000. The Sensex closed at 19976, up 251 points while Nifty closed at 5932, up 65 points from the previous close. The BSE Midcap and Smallcap both closed in the positive. The market breadth was positive with advances at 600 against declines of 576 on the NSE.

The market remained firm this week despite bad global cues. The volatile week ended on a good note with gains across board: The Sensex was up 3.8%, the Nifty 4%. The BSE Midcap Index was up 1.3% and Smallcap 2%. Most sectoral indices were up too: The BSE Realty Index was up 3.5%, the BSE Capital Goods Index 10%, the BSE Bankex 9.5%, the BSE Metal Index 6% and the BSE Oil&Gas 5.8%. Only the BSE FMCG Index was down 3%.

The banking sector cannot be ignored as most banks have posted better numbers than expected and also have good quality of assets, says IV Subramaniam of Quantum AMC, on NDTV Profit. He is bullish on the banking sector. The BSE Bankex Index is up almost 2% today.

Book partial profits in this rally, says Ashwani Gujral, technical analyst, on CNBC-TV18. But it is certainly not a time to buy; wait for the global situation to clear out, he suggests. The market is expected to be choppy ahead, he adds.