Indices Witness A Surprising Resilience Move

The Indian markets witnessed a superb rally from today’s morning session. Most of the sectorial indices surged to close above their major hurdles. As a result, the Nifty closed higher by 132 points at 7362 and Sensex was up by 467 points at 24684.

The advance-decline ratio on NSE was positive, as the day ended with 2285 shares in green and 1261 shares in the red zone.

Top Nifty Gainers: L&T gained 6.5% in today’s trade, followed by BPCL, ONGC, Bharti Airtel and Jindal Steel.

Top Nifty Losers: HCL Tech closed the day lower by 2.5%, followed by Dr Reddy’s Labs, Sun Pharma, Lupin and ITC.

Most of the sectoral indices closed on a positive note. Capital Goods and Consumer Durables stocks witnessed a massive rally in today’s trading session and went up by 725 points and 556 points respectively. It was followed by Oil & Gas, Metals and Auto that also saw an upward move around 250 points each. Mid-Caps and Small-Caps also saw some good recovery and closed up by around 180 points. However, FMCG and Heath Care closed on the lower side. 

All the major Asian markets had a positive session on the bourses today and ended the day in the positive territory. The Nikkei market closed up by 303 points, while Hang Seng witnessed positive move by 71 points, KOSPI and Shanghai Composite closed on the positive side as well.  

Buzzer: Tata Steel was up by more than 3.5% on the bourses today and closed up at the technical level of Rs 490. If the stock opens above this level, it may touch Rs 505/510 mark in the next few sessions.

Nifty future closed to give bullish crossover around 7300 on intraday chart. IF Index holds this level it may see more upmove.