Bulls Charge, Nifty Reclaim 8300 Mark

The Indian markets witnessed massive buying in today’s morning trade. Majorly banking index lead this rally as stocks like Yes Bank, Bank Of Baroda, Axis Bank, IndusInd Bank and Kotak Mahindra Bank surges more than 3 percent each. The Nifty is trading higher by 88 points at 8313 and the Sensex is up by 269 points at 27583. Both the indices opened higher in the range of 1 per cent each.

The market breadth is positive this morning with 1426 advances and 664 declines on the NSE.

Top Nifty Gainers: Yes Bank is the top gainer for today’s morning session and is up by 3.63%. It is followed by Bank Of Baroda, Axis Bank, IndusInd Bank and Kotak Mahindra.

Top Nifty Losers: Wipro is the top loser for today’s morning session and is trading lower by 1.33%. It is followed by Bharti Airtel, ONGC, NMDC and Idea Cellular.

13 out of 13 sectoral indices are trading positively. Bankex is the top gainer this morning as it has surged by 489 points. It is followed by Auto and Capital goods, which are up more than 100 points each. The Mid-Cap and Small-Caps index too is significantly higher, and has gained around 100 points. IT, Metals, FMCG and Healthcare are trading with a positive bias. 

The global sentiment also seems positive. In Asia, the Nikkei has been the highest gainer and has shown an appreciation of 255 points. The Hang Seng is trading higher by 78 points. The KOSPI and Taiwan are trading with a nominal positive bias.

Buzzers: All the banking stocks have seen considerable gains in stocks price of ICICI Bank, Bank Of India, Bank Of Baroda, Andhra Bank, Allahabad Bank, Canara Bank, IDBI Bank, Indian Bank and IOB are in the range of 2-5%.

If the Nifty Future remains above the 8300 level, the positive trend will prolong. A major hurdle is around levels of around 8355-8380.