High M-cap stocks save markets from retreat

Nifty closed above 8200 mark! The Indian markets witnessed a consolidation breakout after 2.00 p.m. and surged nearly 50 and 165 points in Nifty and SENSEX respectively.

Market breadth turned highly negative despite of a recovery in the benchmark indices and broader markets too. The stocks with higher weightage in the indices outperformed. On the BSE, 1230 shares closed in green, while 1400 shares ended the day in red.

Most of the indices ended in green, wherein Metal that closed 1.86 per cent higher remained at the forefront. PSU Banks followed with 1.26 per cent gains. On the contrary sectors that traded against the markets were defensives like Pharma and IT that stood marginally down.

Top 5 Nifty Gainers: Yes Bank overtook Coal India in the second half of the session and closed with 3.4 per cent gains. Coal India consolidated throughout the second half and closed up by 3.2 per cent. Hindalco and Tata Steel followed with nearly 3 per cent gains.  Axis Bank was the fifth largest stock that ended higher by 2.5 per cent.

Top 5 Nifty Losers: IT majors Wipro and HCL Tech refrained markets from gaining higher and tumbled 2.5 and 1.8 per cent respectively. Infratel, Sun Pharma and Lupin were among the other top losers.

World markets remained mixed amid concerns over OPEC meet. Price of oil edged higher with OPEC discussing ways to control production. OPEC finally declared no change in the policy and no ceiling. The decision would weigh on the energy stocks.

On the Asian front, the Nikkei ended lower by 393 points, posting its second straight loss after five consecutive upbeats amid profit booking. On the other hand, the Hang Seng closed up by 98 points.

Buzzers: Tata Steel. The stock surged by 2.5 per cent to close above the technical resistance level of Rs 240.

The Nifty Future closed above the technical level of 8200, indicating more upside.