Sensex Surges By 1%, mainly led by SBI and M&M

The Indian markets seems to continue with the positive momentum from the last few trading session. Today Banking stocks were in the focus, as SBI posted robust Q3 numbers up by 30% and the stock closed up by 7.9 %. FMCG, Healthcare, Bankex and Auto index rose by 1.8/ 1.6/ 1.3/1.1 per cent respectively. Mid-caps and Small-Caps also saw upward momentum to close in green territory. The Nifty closed 93 points up at 8805 and the Sensex ended the day at 29095, up by 290 points.

The advance-decline ratio on NSE was equal as the day ended with 1459 shares in green and 1428 shares in the red zone.

Top Nifty Gainers: SBI gained 7.97% in today’s trade followed by M&M, Lupin, Jindal Steel and TCS.

Top Nifty Losers: GAIL closed the day lower by 4.37%, followed by BHEL, DLF, ONGC and HDFC Bank.

Most of the sectoral indices closed on a positive note. Bankex stocks saw good positive move, up by 289 points. This was followed by Healthcare and Auto index that were up by 243 points and 208 points respectively. While IT, Capital Goods and Consumer Durables saw a up move of around 80 points each. Mid-caps, Small-Caps also closed in positive territory.

The Asian markets closed the day on a mixed note. Nikkei was down by 66 points. While Hang Seng and Taiwan closed in the positive territory, up by 260 points and 33 points respectively. Followed by Shanghai Composite and Taiwan closed on some positive note.

Buzzer: SBI was up more than 7.97% on the bourses today and closed near the technical level of Rs 305. If the stock opens above this level, it may touch the Rs 315/320 mark in the next few sessions.

Nifty Future given a bullish crossover after it broke the 8800 level. If it sustains above this level, we may see more uptrend.