Nifty Crosses The 6000 Mark, Banking Shares Shine

The India markets were trading stable in morning at levels of around 6000. After a strong consolidation phase, the Nifty shot up in afternoon trading session. In the afternoon session, at around 12:30 PM, the Nifty traded higher by 52 points at 6022 and the Sensex by 18 points at 19834. Both the indices were trading higher in range of 0.81% - 0.87%.

The market breadth is positive in the afternoon trading session. On the NSE, 782 shares are trading in green and 485 shares are trading in red.

Top 5 NSE Gainers: IndusInd Bank is the top gainer on NSE, trading higher by 3.27% followed by DLF, Tata Motors, ITC and Jindal steel and Power.

Top 5 NSE Losers: Coal India is trading down by 1.88% and is among the top losers on NSE, followed by Mahindra and Mahindra, Bharat Petroleum, Ambuja Cement and Dr Reddy’s Lab.

On the sectoral front, all of the sectors are trading firm in the afternoon session. Bankex, FMCG, Realty and Healthcare are trading up by more than 1%.

Most of the Asian markets are trading in the green.  Nikkei 225 is trading up by 3.43% at 14,180 followed by Straits Times, Hang Seng and Shanghai Composite. Kospi and Taiwan Weighted are trading in the negative zone.

Buzzers: M&M Financial Services has rallied 7% to Rs 250 per share, which is also its record high on NSE. The company said it seeks shareholders’ approval via postal ballot to increase in the borrowing limit for expansion and to meet increased financial needs of the company. The stock has seen a spurt in volume too.

SBI is trading up by 1.34% at Rs 2256 per share. The stock touched a high of 2260 in today’s trading session. It has witnessed heavy selling in the last couple of trading session. Today it bounced back from a level of 2218.

The Nifty has finally crossed the crucial level of 6000 and is sustaining above it. Going ahead, if the Nifty closes above this level, we expect it to give a fresh breakout.