Market Off From Day’s High; Ranbaxy Surges

The Indian markets continued to trade higher amid volatility in the afternoon trade, aided by Oil & Gas, Healthcare and Banking stocks. In the afternoon trading session, Nifty is trading at 5968, up by 28 points and Sensex is trading at 19,699, up by 4 points. 

The advance–decline ratio is on the positive side. On the NSE, 738 shares are trading in green and 441 shares are trading in red.

Top 5 NSE Gainers: Ranbaxy Labs is trading as the top gainer in the afternoon trading session, up by 3.78%, followed by Cipla, L&T, IDFC and Dr Reddy’s Laboratories.

Top 5 NSE Losers: Sesa Goa is trading as the top loser on the NSE, down by 1.15%, followed by Jindal Steel and Power, Coal India, HCL Technologies and HDFC. 

Most sectors are trading in green in the afternoon session. Healthcare, Capital Goods and Power are the top gainers in the sectoral pack. On the other hand, Consumer Durables and IT are trading soft in the afternoon trading session. 

On the global front, Asian markets are trading on a mixed note. Japan’s Nikkei 225 is trading higher by 2.01%, followed by China’s Shanghai Composite. Hang Seng is trading flat. Straits Times and Taiwan Weighted are trading in a negative zone.  

Buzzers: Bata India surged by nearly 6% to Rs 858, ahead of its Annual General meeting to be held later today. Further a ‘buy’ call by a local brokerage has also boosted the sentiments in the stock. Motilal Oswal has a ‘buy’ rating on the stock with a target price of Rs 975. The stock has seen a good up-move in a sluggish market along with a rise in volume.  

Cadila Healthcare moved higher by 5.45% to Rs 816.5. The stock has seen a rise in price along with a rise in volumes. Angel broking firm has recommended a ‘buy’ on Cadila Healthcare with a price target of Rs 909. 

Nifty, after moving up, has faced some stiff resistance around the levels of 5980-5990. Going ahead, if it manages to close above this, we will see a fresh breakout.