Triple Digit Rally In Nifty

The Indian markets saw a good run-up in the last hour of trade with a buying interest visible in Banks, Oil & Gas and Auto stocks. At the end of the day, Nifty closed at 5688, up by 120 points and Sensex closed at 18,744, up by 387 points. Both Nifty and Sensex closed up in the range of 2.11%-2.16%.

The market breadth closed in a positive zone. On the NSE, 764 shares have advanced and 438 shares have declined.

Top 5 Gainers on NSE: Axis Bank emerged as the top gainer on the NSE, closing up by 5.34%, followed by IDFC, Maruti Suzuki, ONGC and Mahindra and Mahindra. 

Top 5 Losers on NSE: Infosys is among the top losers on the NSE, trading lower by 1.83%, followed by Cairn India, HCL Technologies and Sesa Goa.

Among the sectoral indices, 11 out of 13 indices ended in a positive zone. Bankex, Power, Auto and Capital Goods surged over 2% in today’s trade. IT and TECk continued to remain under a selling pressure. 

The European markets are trading in a negative zone. CAC 40 is trading down by 0.59%, followed by FTSE and trading lower in the range of 0.50%-0.54%. 

The Asian markets ended mixed. Shanghai Composite closed up by 0.59%, followed by Taiwan Weighted and Straits Times. Nikkei 225 and Hang Seng ended in red. 

Buzzers: ITC surged around 3% at Rs 308 on the NSE over reports that the company has increased prices of some of its select cigarettes brands. The stock is a percent away from its life time high of Rs 311, touched in early February 2013. 

ONGC surged for a second day in a row. The stock went up by 4% and managed to close above the Rs 330 level. It has seen an upmove along with a rise in volumes. 

In our last write-up, we had mentioned that a move above 5630 will take Nifty to the 5700-5680 levels. What we witnessed was a non-stop rally till 5700, after crossing the hurdle of 5630.