Indices Recover, Metals Outperform

The Indian markets bounced back from the lower level. The metal index is in focus from mid-session as stocks like Sail, Jindal Steel, Hindalco, JSW Steel and Tata Steel saw resilient move from their support levels. Bankex and Auto also provided some support to the indices. As a result the Nifty ended on a positive note, up by 32 points at 8389 and Sensex was 106 points higher at 28046.

The advance-decline ratio on NSE was on the positive side, as the day ended with 1914 shares in green and 1769 shares in the red zone.

Top Nifty Gainers: Asian Paints gained 4.25% in today’s trade, followed by Jindal Steel, Hindalco, GAIL and Coal India.

Top Nifty Losers: Sun Pharma closed the day lower by 2.37%, followed by Cipla, HCl Tech, Kotak Mahindra and Grasim.

Most of the sectoral indices closed on a positive note. Metals witnessed massive rally in today’s trade, up by 281 points. Bankex and Auto also surged by 143 points and 115 points respectively. Mid-caps, small-caps and Capital Goods also closed in the positive territory. However Health Care and FMCG saw some profit booking scenario and were down by 182 points and 8 points respectively.  

All the major Asian markets closed the day on a positive note. Nikkei closed up by 98 points, whereas Hang Seng Index closed up by 67 points. Taiwan and Strait Times also closed in the positive territory. However KOSPI and Shanghai Composite ended on a nominally negative note of around 10 points each.   

Buzzer: Hindalco was up by more than 3.55% on the bourses today and closed near the technical level of Rs 157. If the stock opens above this level, it may touch the Rs 170/182 mark in the next few sessions.

Nifty Future saw range bound trade around 8400 mark. Going ahead, 8430 and 8470 levels will be the major hurdle for further trade.