WPI Pulls Up Markets, Lowest Since Nov 2009

The wholesale price index (WPI) in April 2013 rose by 4.89%, at its slowest pace since November 2009. The number is way below the expected wholesale prices which rose by an annual 5.50% in April 2013. The Indian markets are trading on a positive note after a small gap-up in the opening bell. Trades are in a tight range as global cues are trading side-ways. The Nifty is trading at 6013, up by 33 points and Sensex is trading up by 92 points at 19,790. Both the indices are trading higher in the range of 0.55%-0.48%.

The advance-decline ratio is on the positive side. On the NSE, 731 shares are trading in green and 635 shares are in red.

Top 5 NSE Gainers: GAIL is leading the gainers’ list so far, up by 2.2%. Power Grid, ONGC, Bharti Airtel, and NMDC are also in gains.

Top 5 NSE Losers: HCL Tech is trading lower by 2.4%, followed by Ambuja Cement, Reliance Infra, BHEL and Tata Steel.

Eleven out of the 13 sectors are trading in gains in the afternoon trading session. Banks and Oil & Gas remain the top gainers as in the morning trading session, up by 144 points and 90 points respectively. Heathcare and Mid-Caps are witnessing a firm trade, up by 75 points and 55 points each.

Most of the Asian markets are trading in the same range as in the morning trading range, apart from Shanghai Composite which is down by 26 points.

Buzzers: Power Grid is trading higher by 1.96% at Rs 114. The stock has gained from the markets inching higher at the Rs 115 level. If the stock manages to close above the Rs 118 level, we could see a bounce continue with volume.  

GAIL is gaining volume from the morning session, up by 1.7% and is trading around its support level at Rs 337.If it manages to close above the Rs 340 level, we will see a further up-move. 

We have mentioned in our previous updates that the Nifty has a strange support at the 5970 level, and if it is closes below this level, we will see a further down-move.