Indices Surges On Election Results
Suparna / 16 May 2014
As the D-day of the election result coming as per the street expectation, markets witnessed massive up trend in morning trading session. Most of the buying seen in Bankex, Capital Goods, Metals and Oil & Gas sector. At the closing bell Nifty stood at 7203, up by 79 points and Sensex closed up by 216 points at 24121.
The Indian markets witnessed massive up move in today’s session as the election results panned out to be as per the street expectations. However, we had seen some profit booking trade after mid-morning session. The Nifty closed on a positive note with by 79 points at 7203 and Sensex was 216 points up at 24121.
The advance-decline ratio on NSE was on the positive side as the day ended with 1704 shares in green and 1759 shares in the red zone.
Top Nifty Gainers: Sesa Sterlite gained 11.03% in today’s trade, followed by PNB, BPCL, BHEL and DLF.
Top Nifty Losers: Tata Steel closed the day lower by 4.28%, followed by ITC, Dr Reddys Labs, Infosys and HCL tech.
Most of the sectoral indices closed on a positive note. Bankex and Capital Goods witnessed superb up move by 714 points and 411 points respectively. Metals and Oil & Gas witnessed some positive trade. Mid-Caps and Small-Caps and Auto also were closed in the positive territory. However IT, FMGC and Health Care saw some profit booking trade.
All the major Asian markets closed the day on a mixed note. Hang Seng closed down by 17 points, whereas Nikkei index also closed down by 201 points. Taiwan and Kospi also closed in the positive territory.
Buzzer: Sesa Sterlite was up by more than 11.3% on the bourses today and closed near the technical level of Rs 210. If the stock opens above this level, it may touch the Rs 220/225 mark in the next few sessions.
Nifty Future have given a bullish breakout around 7500 and made fresh life time high at 7625. Till it holds above 7100 there will be no fear for the bulls.
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