Trades Maintain Positive Bias

The Indian markets have seen a gap-up opening and are now trading flat with a positive bias. The Nifty opened at 6015.80, touched a high of 6017 and a low of 5986.55, and is currently trading up by 8 points at 6001. The Sensex opened at 19,771.03, saw a high of 19,786.30 and a low of 19,693.2, and is now trading higher by 27 points at 19,741.57. Both the indices are trading up in the range of 0.14%-0.16%.

The market breadth is on the positive side. On the NSE, 780 shares have advanced and 484 shares have declined.

Top 5 NSE Gainers: Dr Reddy’s Labs is the top gainer on the NSE, up by 2.14%, followed by Tata Consultancy, IDFC, Cairn India and Infosys.

Top 5 NSE Losers: Punjab National Bank is among the top losers, down by 0.81%. Others in the list include Lupin, Bharat Petroleum, Bank of Baroda and ICICI Bank.

10 out of the 13 sectoral indices are trading in the green at this hour of trade. IT and TECK are the top performing sectors, up in the range of 0.88%-1.20%.

Most of the Asian peers are trading positive. Taiwan is trading up by 0.59%, followed by Straits Times, which has gained 0.42%, and Hang Seng, up 0.11%. Kospi is trading in the negative zone.

Buzzers: The stocks of Manappuram Finance and Muthoot Finance surged sharply in the early morning trades over an RBI draft report that encouraged fresh gold lending by banks and non-banking financial institutions (NBFCs). Both the counters are trading up in the range of 11%-15%, along with a rise in volumes.

Uflex touched an intraday high of Rs 104.50 and a low of Rs 99.20. The stock is currently trading up by 4.12% at Rs 103.60. It has witnessed a spurt in volumes as well as prices. The 5-days’ average volume stands at 145950, whereas today volume stands at 444828, marking a a jump of more than 200%.

The Nifty needs to sustain above 6015 to resume its uptrend. The support for the index stands at 5965.