Bulls Let Loose, Indices Up 2%
BJP's win in the state elections seems to have boosted investor sentiment, and the markets saw a record high in opening trades today. Nifty has hit its all-time high after nearly 6 years, higher by 394 points at 6415.25. Sensex too touched a record high of 21483.74, up by 117 points, surpassing its previous peak hit on November 3. Both the indices opened higher in the range of 1.89%-2%.
The market breadth is positive this morning, with 1857 advances and 1374 declines on the NSE.
Top Nifty Gainers: ICICI Bank is the top gainer for today’s morning session, up by 5.18%. Other stocks trading higher include Bank of Baroda, PNB, Larsen & Toubro and ONGC.
Top Nifty Losers: NMDC is trading lower by 2.7% so far, followed by Cairn India and Cipla.
Not surprisingly, all the sectoral indices are looking strong. Bankex has surged by 491 points, Capital Goods is up by 301 points, Oil & Gas has gained 166 points and Auto is 155 points higher. Mid-Caps and Small-Caps are trading with a positive bias, up by 55 points and 38 points respectively this morning.
The global sentiment is also looking up. In Asia, Nikkei has been the highest gainer and has seen an appreciation of 296 points. Taiwan Weighted is trading higher by 74 points. KOSPI and Straits Times are trading with a nominal positive bias.
Buzzers: Banking stocks have seen considerable gains. The stock prices of ICICI Bank, Bank of Baroda, HDFC Bank, PNB, Axis Bank, YES Bank, Canara Bank and IDBI Bank are higher in the range of 2%-5%.
If Nifty Futures trades at the 6402 level, the positive trend is expected to persist.