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Nifty ends above 7,800
In a surprise jump in the afternoon session, the markets have gained in the last hour of trade thus continuing its upward move for the 8th straight trading session on Thursday.
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Mumbai: In a surprise jump in the afternoon session, the markets have gained in the last hour of trade thus continuing its upward move for the 8th straight trading session on Thursday.
While Sensex gained 124 points to close 26,271 and Nifty rallied 34 points to close at 7,830. Markets have drawn support from FMCG, technology and metal stocks. Also fresh buying is seen in power, capital goods, and select financial stocks.
After eight sessions, Sensex gained 1,265 points, and experts expect some kind of profit booking in the near term, however, the bullish run still not disturbed.
While markets remained subdued marginally in the forenoon and broke out of the narrow range to close with about 0.50 per cent gain towards close. Following positive China's factory data, the metal stocks like Tata Steel and Hindalco gained up to 2.5 per cent. The 36 of Nifty stocks gained but broader market was marginally negative with an advance Decline ratio of 1:1.1. Metal, PSU Bank, IT, FMCG indices gained while Media, Energy and Pharma indices declined.
ITC, Reliance, HDFC Bank and Infosys contributed more than 15 points to Nifty’s gain.
Cairn declined sharply due to disappointing results. Bank of Baroda, Asian Paints, HCL Tech and Tata Steel remained major gainers among Nifty stocks while Cairn. GAIL, Power Grid, Dr Reddy remained losers.
UCO Bank, Rel Capital, Bank of India, SAIL, JSW STeel remained major gainers among F&O stocks while JP Power, Cairn, JP Associates, Sun TV, Apollo Tyre declined among F&O stocks.
Midsession better
Nifty continued its gains for the eighth day in a row. Nifty closed well above 7800 mark, a new record high for Nifty. Stop loss for long positions may be trailed to 7725. Nifty spot is expected to encounter resistance at 7865 7900 and find support at 7790, 7755, for Friday. While global cues, quarterly results and funds flow are expected to guide the market basing on the present condition. It may be expected that the market to be better during midsession and could experience profit booking towards close.
