Markets Remain On High, Oil & Gas Gain

The Indian markets rallied for the fourth consecutive day led by short covering and strong global cues. The Nifty closed at 5945 with a gain of 82 points and Sensex ended higher by 269 points at 19,682. Both indices ended up in the range of 1.39% -1.41%.

The advance-decline ratio closed positive at the end of the day. On the NSE, 935 shares ended in positives and 483 shares were in the red.

Top 5 NSE Gainers: Jindal Steel and Power ended as the top gainer, up by 5.71%. IDFC, HDFC, Bharat Petroleum and Kotak Mahindra Bank were the others in the list.

Top 5 NSE Losers: Ambuja Cements closed 1.42% lower, followed by Maruti Suzuki India, Infosys, Wipro and Tata Motors.

Most of the sectors remained in the positive territory. Oil & Gas gained more than 2%, and FMGC, Metal, Bankex and Capital Goods were also in gains. IT and TECk witnessed some profit booking and ended lower between 0.36%-0.69%.

Most of Asian peers also closed their trades on a high. Japan’s Nikkei 225 gained 2.57% and ended 315 points higher at 12,283. The Hang Seng and Taiwan Weighted indices were also positive. Straits Times and Shanghai Composite closed marginally down by 0.24-0.27%.

On the global front, the European markets are edging higher. CAC 40 is up by 0.64%, followed by DAX and FTSE 100.

Buzzers: The stocks of Multi Commodity Exchange of India (MCX) fell below the important level of Rs 1000 for the first time since June 6, 2012, losing around 5% in today’s trade after a block deal.

The country’s largest car maker Maruti Suzuki India is taking a one-day production cut at its Gurgaon plant tomorrow amid declining sales. The stock opened at Rs 1460, saw a low of Rs 1415.90 and closed 1.41% lower.

Going ahead, the levels of 5975-5980 are a major hurdle for the Nifty. If it sustains above these levels, we can see higher levels in the coming trading session.