Bulls Party On D-Street

The Nifty today saw a triple-digit rally to a 28-month high above 6125. The Banks and Realty indices helped the market to gain momentum. Punjab National Bank and Kotak Bank were the star performers in the banking sector and Realty was led by DLF. At the end of the day’s trades, the 50-share Nifty index closed 151 points higher at 6142 and the Sensex rose by 493 points to close at 20,215.

The advance-decline ended on the positive side. On the NSE, 848 shares are trading in green and 400 shares are in the red.

Top NSE Gainers: Punjab National Bank is the top gainer on the NSE, up by 7.76%, followed by Kotak Mahindra Bank, Reliance Infrastructure, IndusInd Bank and DLF.

Top NSE Losers: Power Grid Corporation closed down by 0.74% today. UltraTech Cement, Cairn India and HCL Technologies were the others in the list.

All the sectoral indices closed in the green. The highest gainers were Bankex and Realty, both of which ended with 4% gains. Capital Goods also fared well.

The Asian markets ended in the positives. Japan’s Nikkei 225 surged to a new high, closing up 2.24% at 15,096, followed by Taiwan Weighted, Hang Seng, Shanghai Composite and KOSPI.

The European indices are trading flat with a positive bias. The CAC 40 is trading higher by 0.19%, followed by DAX and FTSE 100.

Buzzers: IRB Infrastructure surged 6% to Rs 124 in the last hour of trade after the company announced robust fourth quarter earnings. In the period, its consolidated income from operations grew 11.5% to Rs 948.3 crore from Rs 850.9 crore while the consolidated net profit rose 25.8% to Rs 151 crore.

Sun Pharma Advanced Research Company (SPARC) has surged 12.3% to Rs 162.10, extending its previous day’s 15% rally after reporting a net profit of Rs 44 crore for the quarter ended March 31, 2013 on the back of healthy growth in operational income.

The Nifty has given a clear cut breakout after some consolidation and correction. Going forward, 6150 will act as a stiff resistance for the index.