Mid-Day market watch on April 26, 2016

It was a grand come back for the Indian markets after four retreats in a row. Our benchmark indices washed off early losses where Nifty broke above 7950 mark, gaining 1.1 per cent after a gap down opening. Sensex too gained 300 points and is trading higher by 1.1 per cent at 25965 levels.

Market breadth remained positive with 1455 advances; and 881 declines where the broader Midcap index outperformed the benchmarks.

On the sectoral front, Metals were trading in the positive territory even when markets were in red; specifically Hindalco surged 4 per cent after it agreed to accept a takeover bid from MetalsX Ltd. for its Australian subsidiary Aditya Birla Minerals. Nalco too surged 5 per cent plus on its buyback plan.

Other than Metals, Auto and Banking sector specifically PSU Banks, and Realty surged more than 1 per cent each. None of the sectors is trading in red.

Top Nifty Gainers:
Telecom giant IDEA and Metal Giant Hindalco are the top gainers with 4 per cent plus upward movement. IndusInd Bank follows with 3.5 per cent gains. BHEL recovers today after falling for three consecutive sessions and gains 2.9 per cent. Maruti Suzuki follows with 2.5 per cent gains.

Top Nifty Losers:
None of the Nifty50 stocks is trading below 1 per cent losses. Somewhat marginally weak stocks are Adani Ports, Infratel, Hero Motocorp, ICICI Bank. BPCL and Reliance remain flat to negative.

Asian markets were mostly weak today ahead of policy announcements from FED and Bank of Japan later in the week. FED has pointed towards lowering the possibility of rate hikes anytime during the year. BOJ is likely to ramp up its policy stimulus.

Buzzer: Cigarette manufacturers Godfrey Phillips tumbled 17.75 per cent amid reports that government would bring complete ban on FDI in the tobacco sector. 

Nifty hit above 7900 followed by 7950 mark. Now we hold 7980-8000 as our immediate resistance for now. On the downside, 7900 followed by 7870 will act as immediate supports for the Nifty.