Nifty managed to close above 8400 level; PSU Banks and Realty were the top performers

Indian benchmark indices opened on a negative note taking weak cues from the Asian bourses this morning, but recovered in the late morning session itself and thereafter remained standstill throughout the session. Nifty managed to close above crucial level of 8400. Sensex closed above 27300 level.

At closing bell, the S&P BSE Sensex closed at 27302.64 up 64.58 points, while NSE Nifty closed at 8417.15 up 16.80 points. A total of 46 stocks registered a fresh 52-week high in trade today, while 11 stocks touched a new 52-week low on the NSE. 

Broader markets outperformed that encouraged market breadth to remain positive with 1562 advances and 1218 declines. 

The BSE Mid-cap Index closed at 12673.00 up by 0.27%, whereas BSE Small-cap Index closed at 12762.09 up by 0.57%. 

Adani Port, Idea, Tata Steel, Tata Motors, SBI and Bosch Limited were among the Nifty 50 top gainers, whereas HCL Tech, Infosys, Eicher Motors, Tata Power and Sun pharma are among the Nifty 50 top losers.

The INDIA VIX is trading at 14.97 up 4.08%.

The results announced in today’s trading session were quite impressive.

LIC Housing Finance reported increase in revenue by Rs 71.48 cr or 2.07%. Its net profit increased by Rs 4.5 cr or 0.91%. 

HIL Ltd, a small-cap cement and cement product manufacturer has announced its Q3FY17 results on January 16, 2017 where company posted a de-growth in revenues and a net loss on quarter on quarter basis. 

Dewan Housing Finance Corporation Ltd. reported growth in its revenue and net profit by 9.18% and 5.22% respectively. 

On the sectoral front, Realty sector remained positive throughout the day and closed making 1.1% gains, banks and financial services too rallied 1%. 

Jewellery stocks were gaining in Monday’s trading session. Gitanjali Gems touched a high of Rs 73.50 per share, up by Rs 7.15 per share or 10.77%. 

IT tumbled post heavy weight results and ahead of HCL TECH results. Nifty FMCG and Nifty IT closed flat to negative while all other sectors ended in green. 

Nifty Pharma closed losing 0.26%. Pharma giants remained under pressure of scrutiny of their business by US government. Sunpharma was the top loser which pulled down the Pharma index in Monday’s trading session. 

Further resistance for Nifty would be at 8420 followed by 8460.