Nifty Closes Above 6050

The Indian market saw sluggish trades in the afternoon session, but the last hour of trade was dominated by the bulls. The Nifty touched a new 52-week high and managed to close on a firm note with gains of 32 points at 6056, and Sensex closed up by 83 points at 19989. Both indices were higher in the range of 0.42%-0.54%.

The advance-decline ratio for the day ended flat. On the NSE, 710 shares advanced and 709 shares declined.

Top 5 NSE Gainers: Bharti Airtel saw good momentum in the last hour of trade and ended as the top gainer, up 5.38%. Other gainers included Ambuja Cements, Bharat Petroleum, Axis Bank and UltraTech Cement.

Top 5 NSE Losers: Sesa Goa is among the top losers on the NSE, down by 1.50%, followed by HCL Technologies, Asian Paints, Coal India and Power Grid Corporation.

10 out of the 13 sectoral indices ended in the positive zone. Realty and Bankex were the best performers, closing up by 0.76%-1.35%. Metal and IT were the top losers, down in the range of 0.17%-0.30%.

Most of the Asian market ended on a negative note. Nikkei 2225 closed up by 0.71% and Shanghai Composite was 0.60% higher. KOSPI lost 1.17% by day’s end, and Taiwan Weighted and Hang Seng also ended in the red.

The European markets are trading flat so far. CAC 40 is up by 0.22%, followed by FTSE 100. DAX is currently in the negative zone.

Buzzers: India’s third-largest private sector bank, Axis Bank, announced its Q3 numbers today. The net profits scaled up to 22% on a YoY basis to touch Rs 1347 crore. The stock scaled up to a fresh 52-week high and closed firmly up by 2.76% at Rs 1424.

Bharti Airtel saw some good action in today’s trade. The stock closed up by 5%, hitting a 10-month high. Its 5-days’ average volumes stand at 3385937, whereas it saw total volumes of 9143264 today, a jump of more than 150%.

As mentioned in our previous update, if the Nifty sustains above the 6020 level, it may touch levels of 6100 in the coming trading session.