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Sensex, Nifty hit new peaks
Sensex, Nifty hit new peaks, Markets recorded closing highs on Tuesday led by financials and capital goods shares hoping increased order inflows following Indo-US treaty for civilian nuclear projects.
Banks, Capital goods led the rally
Mumbai: Markets recorded closing highs on Tuesday led by financials and capital goods shares hoping increased order inflows following Indo-US treaty for civilian nuclear projects.
Sensex ended up 292 points at 29,571 and Nifty gained 75 points at 8,910, just above 8,900 for the first time. However, broader markets underperformed as both midcap and smallcap gained 0.8 per cent and 0.5 per cent, respectively.
FIIs turned as net buyers in equity market amounting to Rs 2,020 crore on Friday, according to exchange data. The investors are buoyed by optimism over upcoming Budget and quarterly earnings amidst positive domestic factors and mixed global cues.
Nifty remained subdued in the forenoon and rose smartly in the closing session (after 2pm) to close with a gain of 75 points and closed above 8900 points. Nifty has been going up for the last 8 days continuously. While Nifty has been going up, advance decline ratio is negative suggesting a weak market in general, comments market analyst.
Global markets have slowly coming to terms with the outcome of Greece election. The elected party Syriza has agreed to re-negotiate Greece debts and to end the austerity measures.
In the domestic front, US President Barack Obama visit given a fresh beginning to the Indo-US civil nuclear treaty was given fresh start to civilian nuclear projects. Financials are the top gainers on Tuesday trade with Axis Bank gaining around 5 per cent, ICICI Bank up 4 per cent, HDFC 1.6 per cent, HDFC Bank 2.4 per cent and SBI over
1 per cent.
Capital goods shares also ended higher with L&T gaining 2 per cent, BHEL 0.7 per cent and FMCG company ITC gained over 3 per cent.
The gainers: Axis Bank, up 4.83 per cent at Rs 592.30; Cipla, up 4.62 per cent at Rs 705.95; ICICI Bank, up 3.58 per cent at Rs 383.70; ITC, up 3.01 per cent at Rs 359.75; and HDFC Bank, up 2.98 per cent at Rs 1,074.
The losers: Dr Reddy's Lab, down 4.01 per cent at Rs 3,210.65; Infosys, down 3.53 per cent at Rs 2,136; Mahindra and Mahindra, down 2.81 per cent at Rs 1,322.05; Coal India, down 2.77 per cent at Rs 383; and Hindustan Unilever, down 2.18 per cent at Rs 941.60.
Outlook for Wednesday Midsession better
Stop loss for Nifty long positions may be trailed to 8750 (on close basis). Nifty spot is expected to encounter resistance at 8950, 8985 and find support at 8870, 8830 for Wednesday. While global cues, quarterly results and funds flow are expected to broadly guide the market movement, based on the present market position, market is expected to trade in a zigzag manner with subdued opening and closing session and better midsession.
– Dr B Amaranatha Sastry
