Research Reports

Markets zoom higher

Indian markets rallied strongly on Tuesday after witnessing some recent weakness. Positive European cues supported the markets.

Statistics

While the BSE Sensex finally closed 226.37pts or 1.3% higher at 17,618.35, the Nifty gained 70.2pts or 1.33% to close at 5,345.35. Broad market indices too ended higher as the BSE Midcap and Small Cap indices gained 1.1% and 0.81% respectively. Market breadth was positive as the A/D ratio was 1.52:1 on the BSE. NSE cash turnover was Rs.9,511crs. Vs. Rs.8,426crs. in the previous session.

Sectoral and Stock movers

All the sectoral indices ended higher. The top gainers were the BSE FMCG, Capital Goods, Bankex and Auto indices. The top gainers from the BSE 30 were Hindalco, Maruti, ITC and Tata Motors. The top losers were Wipro and NTPC.

Foreign markets

European markets are trading higher as the FTSE ( 0.98%), CAC ( 1.35%), DAX ( 1.47%) indices are trading higher at 16:20 IST. Asian markets have ended on a mixed note. While the Nikkei (-0.44%), KOSPI (-0.37%), Taiwan (-0.81%), Hang Seng (-0.16%) indices have ended lower, the Straits ( 1.2%), Jakarta ( 0.61%) indices have ended higher.

Way forward

With the markets moving up further and the Nifty closing above its recent highs of 5333, the bulls seem to have an upper hand. Immediate upside targets for the Nifty are at 5379. We recommend a selective buying approach.