Bulls Shatter Bears’ Party, Nifty Gains About 1%

The Indian markets bounced back into a positive territory in the afternoon trade session, after briefly slipping into red. The bounce-back is led by financial stocks and Consumer Durables. At 12:30, Nifty is trading at 5744, up by 50 points and Sensex is trading above the 19,000 mark, up by 154 points. Both the indices are trading up in the range of 0.77%-0.85%.

The advance-decline ratio is on a negative side in the afternoon trading session. On the NSE, 724 shares are trading in red and 637 shares are trading in green. 

Top 5 Gainers on NSE: Bharti Airtel is leading today gainers’ list on the NSE and is trading with gains of 7.73%. followed by ICICI Bank, Jindal Steel and Power, HDFC and Sesa Goa.

Top 5 Losers on NSE: Tata Motors is among the top losers on NSE, trading lower by 3.10%, followed by Bajaj Auto, Reliance Infrastructure, Maruti Suzuki India and Bank of Baroda. 

Among the sectoral indices, 9 out of 13 indices are trading in green in the afternoon trading session. Consumer Durables, Bankex and Metals are top gainers in the sectoral indices. Auto is under a selling pressure and is the top loser in the sectoral pack. 

Most of the Asian markets edged higher. Nikkei 225 is trading up by 1.33% at 12,635, followed by Straits Times and Taiwan Weighted. Shanghai Composite is trading flat with a positive bias. KOSPI and Hang Seng are trading in red. 

Buzzers: Bharti Airtel bounced back more than 7% in today’s trade after losing nearly 11% in the last 5 trading sessions. The stock has seen its biggest percentage gain since November 2012. Morgan Stanley has initiated a tactical ‘buy’ rating on the telecom major and believes the stock price to rise. 

The HDFC stock has surged by more than 3% in today’s trade over average volumes. It has seen a good bounce-back from its support levels. 

Going ahead, Nifty has an immediate resistance around the levels of 5770,I If we sustain above this level, we can expect a pull back up to the levels of 5800.