Sensex Trading Above 20k, Oil & Gas On Fire

The Indian markets surged to a fresh two-year high in their morning trades, led by strong global cues and a blistering run-up seen in the stocks of state-owned oil companies. The Nifty opened at 6059.85, touched a high of 6083.40 and a low of 6059.20, and is currently trading higher by 31 points at 6071. The Sensex opened at 20038.67, made a high of 20126.55 and a low of 20037.23, and is now up by 117 points at 20081.

The market breadth is looking strong in the morning trading session. On the NSE, 732 shares have advanced and 519 shares have declined.

Top 5 NSE Gainers: ONGC is top gainer so far, trading up by 8.59%, followed by Bharat Petroleum, Maruti Sukuzi India, GAIL India and Cairn India.

Top 5 NSE Losers: Hero MotoCorp is among the top losers, down by 4.22%. Others in the list include Wipro, Mahindra & Mahindra, ACC and UltraTech Cement.

10 out of the 13 sectoral indices are trading firm. Oil & Gas and PSU are the leading gainers, up in the range of 2.84%-3.01%. Auto and IT are among the top losers.

In Asia, the markets are trading in the green as Chinese economic data has beat expectations. The Nikkei 225 is trading higher by 2.36%, followed by Taiwan Weighted up by 1.09%, Shanghai Hang Seng higher by 0.74% and Shanghai Composite up by 0.56%.

Buzzers: Hero MotoCorp has dipped 4.25% to Rs 1741 after reporting a 20% year-on-year decline in its net profit for Q3 at Rs 488 crore due to lower sales and higher expenses.

Exide Industries slipped down 7.83% to Rs 128 after reporting a more than 100 basis points year-on-year decline in operating profit margins for Q3 due to higher raw material costs. The stock has slipped down. However, it has seen a spurt of more than 80% as compared to its 5-days’ average volumes.

The Nifty is trading comfortably above its resistance level of 6060. Going ahead, the market may face resistance at 6085 and 6109, while the support stands at 6050.