Indices See Spurt, IT Stocks In Limelight

The Indian markets reversed their early losses and edged higher in the last hour of trade led by Banking, Technology and Capital Goods stocks. The Nifty surged almost 70 points from the day’s low on short covering and positive cues from the European markets, and closed with gains of by 63 points at 558.70. The Sensex closed 169 points higher at 18,395. Both the indices were up in the range of 0.93%-1.16%.

The market breadth was on the positive side by closing. On the NSE, 644 shares have advanced and 576 shares have declined.

Top 5 NSE Gainers: Reliance Infrastructure emerged as the top gainer on the NSE, closing up by 4.68%. HCL Technologies, Jaiprakash Associates, HDFC and Kotak Mahindra Bank were among the other gainers.

Top 5 NSE Losers: Jindal Steel and Power ended 1.25% lower on the NSE, followed by Sun Pharma, Hindustan Unilever, Dr Reddy’s Labs and ITC.

Most of the sectoral indices ended the day in the positive zone. IT, TECk and Bankex ended firm. FMGC was the only sector to end in negatives.

The Asian markets closed on a positive note. KOSPI surged by 0.77%, the Hang Seng was up by 0.75%, Nikkei 225 saw gains of 0.72% and Shanghai Composite closed flat with a positive bias.

The European markets are trading firm as of now. DAX is trading higher by 1.22%, CAC 40 is up by 1.18% and FTSE 100 has gained 0.71% so far.

Buzzers: RPG Life Sciences soared almost 10% to Rs 64.50 after the company said it has executed an MoU with Maruti Suzuki India for the sale of a part of its land situated at Navi Mumbai subject to conclusion on the fulfillment of terms and conditions.

Delta Corp, which is engaged in the business of gaming and entertainment as well as real estate, is locked in an upper circuit limit of 20% at Rs 60.60. This is on the back of heavy volumes with no sellers in the counter.

After a minor consolidation in the morning trade, the Nifty saw a good up-move. Going ahead, the index has immediate resistance around the levels of 5580-5620.