Markets Firm, Bank Stocks Rally

The Indian markets are trading on a positive note after a small gap-up in the opening. Trades are in a tight range as global cues are trading side-ways. The Nifty is trading at 5806, up by 25 points and Sensex is trading up by 60 points at 19,070. Both the indices are trading higher in the range of 0.33%-0.27%.

The advance-decline ratio is on the positive side. On the NSE, 730 shares are trading in green and 624 shares are in red.

Top 5 NSE Gainers: Coal India is leading the gainers’ list so far, up by 3.99%. HDFC Bank, BPCL, IndusInd Bank and Power Grid Corporation are also in gains.

Top 5 NSE Losers: UltraTech is trading lower by 3.4%, followed by IDFC, DLF, Dr Reddy’s Labs and Infosys.

Of the 13 sectors, 4 are trading in red in the afternoon trading session. Capital Goods, Oil & Gas and Metals are witnessing firm trades. Banks are also providing support to the markets, trading higher by 204 points.

While most Asian markets are trading in the same range as in the morning, Hang Seng is up by 30 points.

Buzzers: IDFC is trading lower by 2.1% at Rs 158. The stock has lost its morning gains reaching the level of Rs 157.15. If it manages to close above Rs 160, we could see a bounce-back.

UltraTech Cement is trading below its key psychological level of Rs 1860. The stock has dipped by around 3.45% in today’s trades. It has seen a dip in prices along with a jump in volumes.

We had mentioned in our previous update that Nifty has a support at the 5790 level. If it closes below this level, we will see a further down-move.