Bulls In Momentum, Infosys Surges

The Indian equities opened in the green today on the back of positive cues from the Asian peers. The Nifty opened at 5967.20, touched a high of 5977.95 and a low of 5962.15 and is currently trading up by 21 points at 5972. The Sensex opened at 19,689.09, saw a high of 19,764.35 and a low of 19,689.09, and is now trading 97 points higher at 19,762. Both indices are trading up in the range of 0.33%-0.50%.

The advance-decline ratio is on the negative side in the morning trading session. On the NSE, 531 shares have advanced and 705 shares have declined.

Top 5 Gainers on NSE: Infosys is the top gainer on the NSE, trading up by 4.25%, followed by Tata Consultancy, ONGC, Wipro and HCL Technologies.

Top 5 NSE Losers: UltraTech Cement is trading lower by 1.77%. Others in the list include Reliance Infrastructure, Maruti Suzuki India, ACC and Kotak Mahindra Bank.

8 out of the 13 sectoral indices are trading firm in the morning trading session. IT and TECk are extending the gains seen last week, and are up between 2.26%-2.89%. Auto and Metals are trading negative at this hour of trade, lower by 0.36%-0.54%.

The Asian markets are trading mixed. Shanghai Composite is firmly up by 2.02%, followed by Nikkei 225 and Hang Seng. Straits Times and Taiwan Weighted are lower in the range of 0.43%-0.46%.

Buzzers: CMC has surged 7% to Rs 11428 after reporting a 48% year-on-year jump in its consolidated net profit at Rs 61.06 crore for the quarter ended Dec 2012. The stock has seen an up-move along with a spike in volumes.

Geojit BNP has also shot up 3.08% after reporting strong Q3 numbers. The stock’s 5-days’ average volumes stand at 293417, whereas today volumes stand at 767503, marking a jump of more than 150%.

5930 is a strong support for the Nifty, and as long as it holds on to this level, the index is in a bull phase. For a fresh breakout, the bulls need to sustain above 6020 level. The markets will closely watch the inflation data, which is due today.