Bulls Strike Back

In characteristic fashion seen for the past few days, the benchmark Indian indices saw a bounceback the post afternoon session today, registering a new intraday high in the last hour of the session. The Nifty managed to end the day up by 13 points at 6001.70, and Sensex was up by 55 points at 19746.48. Both indices ended up in the range of 0.24%-0.27%.

Though the markets managed to bounce back, the advance-decline ratio remained on the negative side. The market breadth was in favour of the bears. On the NSE, 811 shares have declined and 632 shares have advanced.

Top 5 NSE Gainers: Reliance Infrastructure continues its uptrend and emerged as the top gainer, closing up by 2.93%. Others in gains included ITC, HDFC, Power Grid and Bharat Heavy Electronics.

Top 5 NSE Losers: IDFC stood as the highest loser for the day, ending down by 1.90%, followed by Tata Steel, Wipro, Sesa Goa and L&T.

6 out of the 13 sectoral indices ended in the positive zone. Realty and FMGC were the best performers, up in the range of 0.95%-1.28. CD and Metals were among the top losers, down between 0.80%-2%.

The Asian markets ended the day in the red. Hang Seng closed down by 0.95%, followed by Nikkei, KOSPI, Shanghai Composite and Straits Times.

The cues from the European markets are mixed. FTSE 100 and CAC 40 are trading in gains, currently up in the range of 0.05%-0.33%. DAX is trading down by 0.17%.

Buzzers: The stock of PVR surged up by more than 10%, touching an intraday high of Rs 314.50 and a low of Rs 276.60.

Rollatainers closed in the upper circuit of 5% at Rs 409 after the company announced bonus issue plans. The board of directors of the company will meet on Jan 10, 2013 to consider the issue of bonus shares to its shareholders.

The markets are looking strong, with every dip eyed as a buying opportunity by traders and investors. Going ahead, the Nifty will face resistance at 6050.