Nifty Closes Above 5900

The Indian markets, which saw volatile movement in the mid session of the trade, recovered all their losses in the last one hour. Nifty closed with gains of 79 points at 5916 and Sensex closed 225 points higher at 19400. Both the indices ended with gains between 1.19%-1.36%.

The advance-decline ratio ended on the positive side. On the NSE, 706 shares closed in the green and 655 shares were in the red.

Top 5 NSE Gainers: Dr Reddy’s Labs ended as the top gainer on the NSE, up by 4.7%. GAIL, Tata Motors, NTPC and Axis Bank were the others in the list.

Top 5 NSE Losers: TCS ended down by 1.97%, followed by DLF, HCL Tech, Infosys and JP Associates.

Most of the sectors ended in the green. Healthcare and Auto were up by 2%, Bank ended higher by 1.35%, Power and Pharma were up by 1.7% and Capital Goods and Metal gained 0.5% each. Only IT and Consumer Durables ended lower by 1.6% and 0.5% respectively.

The Asian markets closed on a positive note. Hang Seng was the top gainer among the Asian indices and closed up by 218 points at 22400. Nikkei was up by 82 points. KOSPI and Shanghai Composite closed marginally negative.

Buzzers: Axis Bank, the country’s third largest private sector lender, gained 4% after reporting a forecast-beating 22% YoY rise in its fourth quarter net profit at Rs 1555 crore. The stock made a high of Rs 1518 and end above a major hurdle of Rs 1500.

Credit Suisse has maintained its ‘outperform’ rating on Tata Motors, saying that its luxury brand Land Rover continues to grow ahead of competition in China, one of its biggest markets, even as the overall luxury car demand there has slowed down a bit. The stock was up by 4%.

We have mention in our last update that Nifty has given breakout at the 5840 levels. If it manages to sustain above these levels, it may see a further up-move to 5900.