March 30: mid-session report

After trading with losses in the past few sessions markets bounced back from lows after a positive commentary from Federal Reserve Janet Yellen said that the US central bank would proceed cautiously to raise interest rates in the coming months. This was cheered by all the other markets Asian markets too along with the US markets which closed the day with gains.

Nifty was trading up by 80 points at 7677; and Sensex by 245 points at 25142. Both the leading indicators were trading with losses of 1.06 and 1 per cent respectively.

The advance-decline ratio showed a similar trend as majority of the counters traded in green. As many as 1173 scrips were trading in the positive territory; 237 scrips were trading in the negative zone; however, 46 stocks remained unchanged on the BSE.

Top Nifty Gainers: Vedanta is leading the gainers' list as it was trading up by close to 4.5 per cent followed by Lupin, BPCL, GAIL and Adani Ports & SEZ which were up 3.62; 3.50; 3.19; and 3.07 per cent respectively.

Top Nifty Losers: Zee Entertainment is leading the losers' list down by close to 1.35 per cent, followed by HDFC, Maruti Suzuki, Bharti Airtel and M&M which are down anywhere between 1 per cent to 0.5 per cent.

All the major sectoral indices were trading in green. However, leader of the pack was clearly BSE Oil & Gas, BSE Metals Auto and BSE Capital Goods Index were up 2.08, 1.95 and 1.75 per cent respectively. BSE Healthcare Index also bounced back from previous day’s hammering. However, BSE Small-Caps was trading up by 1.51 per cent, whereas BSE Mid-Caps Index saw good buying which saw the index rising by 1.28 per cent.

All the other major Asian markets were trading up in today’s trade except for Nikkei which closed down by 1.31 per cent. Chinese CSI300 closed the day up by 2.30 per cent. Hong Kong’s Hang Seng Index too saw good buying in trade as it closed with smart gains of 1.69 per cent. The trend remained bullish in other markets too as Korean KOSPI, New Zealand’s NZX20 and Taiwan’s Taiex Index all closed with gains.

In commodities, Oil futures rebounded in Asian trade on Wednesday, buoyed by a less than expected build in crude oil stockpiles last week. Brent futures LCOc1 climbed 28 cents to USD 39.42 a barrel after settling down USD 1.13 in the previous session.

Buzzer: - SBI was buzzing in trade as it was up by close to 2.5 per cent in trade on the back of news of Vijay Mallya submitting repayment plan to the Supreme Court.

In the second half of the day market is likely to continue on its upward momentum closely supported by European markets which are likely to open in green following rest of the world.