Markets Trending Up

After a muted start, the Indian markets have gained momentum in the afternoon session. The Nifty is trading firmly up by 23 points at 6025 and Sensex is up by 86 points at 19905. Both indices are trading up in the range of 0.37%-0.41%.

The advance-decline ratio has turned negative at this hour. On the NSE, 758 shares are trading in the red and 623 shares are in positives.

Top 5 NSE Gainers: HCL Technologies is the top performer on the NSE, trading with gains of 5.06%, followed by Bharti Airtel, Tata Motors, Wipro and DLF.

Top 5 NSE Losers: ACC is trading lower by 1.84%. Others trading down include Ranbaxy Labs, Reliance Infrastructure, Hindalco Industries and Cipla.

9 of the 13 sectoral indices are firm in the afternoon trading session. TECk, IT and Realty are the top performing sectors, up between 1.21%-1.86%. Metal and CG are taking selling pressure, down by 0.67%-0.79%.

Meanwhile, the Asian bourses are trading flat to negative. Nikkei 225 index is currently flat with a positive bias. Taiwan Weighted, Shanghai Composite and Hang Seng are all in the negative territory.

Buzzers: Suzlon Energy has surged over 2% to Rs 19.50. This is on the back of heavy volumes seen on hopes of the company signing a corporate debt restructuring (CDR) package with its consortium of lenders.

The stocks of Oil Marketing Companies (OMCs) are gaining momentum in today’s trade as the Union Cabinet may take up the issue of fuel price recalibration at its meeting today. All the stocks are trading up in the range of 2.50%-4%.

The Nifty is extending its gains smartly. Going ahead, the index should hold the 6020 levels on a closing basis to resume its uptrend.