Indian markets broke out of consolidation and closed a percent higher, after a prolonged breather of three trading sessions, taking positive cues from the Wall Street and Asian bourses.
Nifty closed above 8250 mark at 8273 while Sensex closed at 26878 levels gaining 245 points. On the broader front, Midcap outperformed with 1.35% gains while Smallcap remained more or less in line with 0.96% gains.
Market breadth remained highly positive with 1950 advances and 885 declines.
Barring the IT sector that tumbled 0.9%, all other sectors ended in green with Metal remaining at the forefront with 3% gains.
JSW Steel remained the top gainer in the metal index with 7.8% gains.
Auto sector followed the optimism and gained 2% where Tata Motors DVR and Tata Motors gained the most after Tata Motors posted JLR sales data early in the morning session.
Banks too recovered from prior day losses. All of the bank index constituents were up in green in today’s session.
Tata Motors DVR and Adani Ports were the top gainers while IT giants, Tech Mahindra, TCS and HCL Technologies remained top losers for the Nifty.
We saw both Nifty and Sensex crossing its 200 days EMA level on closing basis for the time since mid-November 2016.
We had talked of a resistance of 8275 followed by 8300 for the Nifty which is not broken yet. Hence, we maintain our resistance levels. On the downside 8250-8220 will act as immediate supports.
Chambal Fertilisers: The stocks sizzled upon reports of Ministry of fertilisers seeking for 80000 crore as subsidy.
Tata Motors: Tata Motors gained with record sales for JLR being reported from US markets
Yes Bank: Yes bank was the top gainer in the banking space even as Jugnoo enables UPI payments powered by YES Bank on its app.
Bank of Baroda: The stock, in line with the broader trend gained on bourses on intraday basis even as the bank reduced its Marginal cost of lending rate today.
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