Markets up amid choppy trade

Markets up amid choppy trade
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Highlights

Markets closes marginally higher on Thursday amid a choppy trading session led by HDFC and HDFC Bank apart from gains from FMCG and pharma pack, while metals, capital goods and O&G sectors reported losses.

Mumbai: Markets closes marginally higher on Thursday amid a choppy trading session led by HDFC and HDFC Bank apart from gains from FMCG and pharma pack, while metals, capital goods and O&G sectors reported losses.

Sensex gained 68 points to end at 29,449 and Nifty jumped 15 points to close at 8,938. Meanwhile midcap index and smallcap index gained 0.71 per cent and 0.60 per cent, respectively. Among the sectorals, FMCG index gained over 1 per cent, Healthcare index zoomed 2.77 per cent and bankex rose 0.57 per cent. Others including metal index down 2.16 per cent, capital goods index down 0.46 per cent, and Oil & Gas index declined 0.24 per cent.

Markets are continued to be cautious ahead of US job data to be released on Friday and ECB's policy meeting. While Indian markets close on Friday on account of Holi festival. Pharma stocks led the gains as Sun Pharma extended gains after company reached agreement with GSK to acquire latter's Opiates business in Australia. Cipla gained 2 per cent followed by Dr Reddy's 1 per cent. IT majors Infosys and TCS down by 2 per cent each, however Wipro was up 1 per cent.

On the other hand, FMCG major ITC gained 0.7 per cent while Hindustan Unilever closed up 2 per cent. Among bank stock, SBI down 0.3 per cent, Axis Bank gained about 1 per cent and HDFC group shares ended higher up to 2 per cent.

The gainers: Sun Pharma, up 3.24 per cent at Rs 1,037.35; Hindustan Unilever, up 2.49 per cent at Rs 939; HDFC Bank, up 1.87 per cent at Rs 1,085.05; Cipla, up 1.81 per cent at Rs 737.85; and HDFC, up 1.75 per cent at Rs 1,389.05.

The losers: Hindalco, down 3.36 per cent at Rs 147.90; Coal India, down 2.19 per cent at Rs 363.95; Tata Consultancy Services (TCS), down 1.72 per cent at Rs 2,696.35; Tata Steel, down 1.28 per cent at Rs 343.40; and Sesa Sterlite, down 1.08 per cent at Rs 210.10.

Outlook for Monday: Caution at higher levels
Nifty traded in a choppy manner with bearish bias for most part of the day but closed in the green due to short covering / buying in the closing session. Short term trend continues to be bullish and would reverse only on a close below 8850. Nifty spot is expected to encounter resistance at 8980, 9015 and find support at 8900, 8860. While global cues, quarterly results and funds flow are expected to guide the market movement basing in the present position. Market is expected to face resistance at higher levels, hence caution advised. – Dr B Amaranatha Sastry

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