Nifty Above 7000 Mark, Bulls Continue To Prove Strength
Suparna / 12 May 2014
The Indian markets witnessed a massive rally on second consecutive day. Most of the buying was seen in Bankex, Auto, Capital Goods and Oil & Gas sector. As a result, Nifty closed to make an another lifetime high level, up by 155 points at the level of 7014 and Sensex was 556 points higher at 23551.
The Indian markets witnessed a massive rally on second consecutive day. Most of the buying was seen in Bankex, Auto, Capital Goods and Oil & Gas sector. As a result, Nifty closed to make an another lifetime high level, up by 155 points at the level of 7014 and Sensex was 556 points higher at 23551.
The advance-decline ratio on NSE was negative, as the day ended with 1690 shares trading in green and 1769 shares trading in the red zone.
Top Nifty Gainers: Coal India gained 7.26% in today’s trade, followed by HDFC Bank, Power Grid Corp, Grasim and Tata Motors.
Top Nifty Losers: United Spirits closed the day lower by 2.78%, followed by Sun Pharma, Cipla, Jindal Steel and Lupin.
Most of the sectoral indices closed on a positive note. Bankex, Auto and Capital Goods stocks rallied in today’s trading session, up more than 350 points. Shares of Oil & Gas, Metals also witnessed good up move of around 250 points each. Mid-Caps and Small-Caps also closed on a positive note by 55 points and 38 points respectively. However, Heath Care closed on a negative note, down by 86 points.
All the major Asian markets closed on the mixed side in today’s session. The Nikkei market closed down by 50 points. However, Hang Seng also witnessed up move by 398 points. KOSPI and Shanghai Composite also closed on the lower end.
Buzzer: Power Grid was up by more than 4.35% on the bourses today and closed above the technical level of Rs 110. If the stock opens above this level, it may touch Rs 115/121 mark in the next few sessions.
Nifty Future made a bullish crossover to close above the 7000 mark. Above this level, market may continue with the present scenario.
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