Bulls Are Back Before Budget, Indices Up More Than 1.5%

The Indian markets witnessed superb recovery in today’s trade.Capital Goods and Bankex outperformers and were up around 600 points each. Auto and Metals also pulled from the lower ends and were up by 417 points and 310 points respectively. The Nifty gave a bullish crossover at the closing bell and were up by 160 points at 8844, while Sensex was up by 473 points at 29220.

The advance-decline ratio on NSE was a on positive side, as the day ended with 1822 shares in green and 1062 shares in the red zone.

Top Nifty Gainers: Bank Of Baroda closed the day higher by 5.63 per cent, followed by Tata Power, Jindal Steel, Ultratech Cement and L&T.

Top Nifty Losers: GAIL closed the day lower by 1.03 per cent, followed by Wipro, ITC and BPCL.

Apart from FMCG, all the sectoral indices were positive in today’s session. Capital Goods and Bankex stocks rallied, and were up by 653 points and 581 points respectively. While Auto and Metals stocks also gained in today’s trade and were up by 410 points and 310 points respectively. Mid-Cap and Small-Cap index closed in green territory and were up by around 150 points each. Only FMCG index closed in the marginal loss and was down by 18 points.

Most of the Asian markets ended on a negative scenario. The Hang Seng market saw downward momentum of 78 points. This was followed by the Taiwan and Straits Times market that closed down by 77 points and 23 points respectively. However Nikkei closed in the positive note and was up by 12 points.

Buzzer: Bank Of Baroda was up by more than 5.63 per cent on the bourses today and closed up at the technical level around Rs 180. If the stock opens above this level, it may touch Rs 190/195 mark in the next few sessions.

Nifty Futures hold its vital support level of 8700, and also given a bullish crossover as closed around 8900 mark. Going ahead, 8770 will be the immediate support level on the other hand 8950 will be major hurdle.