Mumbai, INDIA: Benchmarks continued to hold on to gains as investors bought stocks across the board after a correction in previous session. Reports that seat sharing issue between the DMK and Congress is expected to end soon boosted investors sentiments. However, experts are of the view that market may remain volatile with negative bias due to instability in the middle-east and surging crude oil prices.
At 12:35 pm; Bombay Stock Exchange’s Sensex was at 18389.51 up 166.84 points or 0.92 per cent. The 30-share index touched a low of 18266.62 and high of 18455.76 intraday.
National Stock Exchange’s Nifty was at 5507.40, up 44.25 points or 0.81 per cent. The broader index touched a low of 5464.75 and high of 5526.15 in trade so far.
“The index has taken support at the 20-DMA (5415) and bounced from there suggesting the short-term up trend is intact. The formation of higher tops and bottoms has been violated and the previous up move is getting corrected.
Hourly MACD maintains the bearish crossover but stays above the zero line i.e. a hope for a recovery for the bulls. We continue to maintain the short-term uptrend as long as 5400 remains inviolate on a daily closing basis for a test of the 200-DMA at 5650. On a break below 5400 (daily closing), the index can slide down to 5200-5000,” said Edelweiss report.
BSE Midcap Index was up 0.80 per cent and BSE Smallcap Index moved 0.79 per cent higher.
Amongst the sectoral indices, BSE IT Index was up 1.54 per cent, BSE Bankex moved 1.17 per cent higher and BSE Realty Index moved 1 per cent up.
Jaiprakash Associates (3.52%), Reliance Infrastructure (2.28%), ONGC (2.24%), Bharti Airtel (2.18%) and Tata Motors (2.15%) were the top Sensex gainers.
Hero Honda (-1.24%), Maruti (-0.69%), ITC (-0.38%), Hindalco Industries (-0.29%) and L&T (-0.25%) were amongst the losers.
Market breadth was positive on the BSE with 1653 advances against 938 declines.
National Stock Exchange’s Nifty was at 5507.40, up 44.25 points or 0.81 per cent. The broader index touched a low of 5464.75 and high of 5526.15 in trade so far.
“The index has taken support at the 20-DMA (5415) and bounced from there suggesting the short-term up trend is intact. The formation of higher tops and bottoms has been violated and the previous up move is getting corrected.
Hourly MACD maintains the bearish crossover but stays above the zero line i.e. a hope for a recovery for the bulls. We continue to maintain the short-term uptrend as long as 5400 remains inviolate on a daily closing basis for a test of the 200-DMA at 5650. On a break below 5400 (daily closing), the index can slide down to 5200-5000,” said Edelweiss report.
BSE Midcap Index was up 0.80 per cent and BSE Smallcap Index moved 0.79 per cent higher.
Amongst the sectoral indices, BSE IT Index was up 1.54 per cent, BSE Bankex moved 1.17 per cent higher and BSE Realty Index moved 1 per cent up.
Jaiprakash Associates (3.52%), Reliance Infrastructure (2.28%), ONGC (2.24%), Bharti Airtel (2.18%) and Tata Motors (2.15%) were the top Sensex gainers.
Hero Honda (-1.24%), Maruti (-0.69%), ITC (-0.38%), Hindalco Industries (-0.29%) and L&T (-0.25%) were amongst the losers.
Market breadth was positive on the BSE with 1653 advances against 938 declines.
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