Research Reports

Markets surge higher as Nifty tests 5350

Indian markets rallied on Tuesday for the second consecutive session as traders continued to add long positions ahead of monsoon parliament session. Stability in global markets also aided the Indian main indices.

Statistics

While the BSE Sensex finally closed 188.82pts or 1.08% higher at 17,601.78, the Nifty gained 54.15pts or 1.03% to close at 5,336.7. Broad market indices too ended higher as the BSE Midcap and Small Cap indices gained 0.35% and 0.36% respectively. Market breadth was positive as the A/D ratio was 1.18:1 on the BSE. NSE cash turnover was Rs.9,850crs. Vs. Rs.8,626crs. in the previous session.

Sectoral and Stock movers

Barring the BSE Healthcare and CD indices, all the sectoral indices ended higher. The top gainers were the BSE IT, Auto, Realty and Bankex indices. The top gainers from the BSE 30 were Tata Motors, GAIL, TCS and Bajaj Auto. The top losers were Hero moto Corp, Bharti airtel, Sun Pharma and Reliance.

Foreign markets

European markets are trading higher as the DAX ( 0.37%) and CAC ( 0.48%) indices are trading in the green at 16:09 pm. Asian markets too have closed higher as the Nikkei ( 0.87%), Hang Seng ( 0.37%), Taiwan ( 0.13%) and KOSPI ( 0.05%) indices have ended with gains. The Straits (-0.13%) index has however ended lower.

Way forward

With the Nifty testing the 5350 crucial resistances and reacting from it, this remains a crucial level to watch in the short term. A convincing close above 5350 would lead to the Nifty attempting to target the next intermediate highs of 5379. Downside supports are at 5314.