Indices Continue With The Upward Journey

Banking stocks were the major highlight in today’s trade as Kotak Mahindra, SBI, PNB, Axis Bank and Yes Bank showed superb move to pull the indices on the higher side. The Indian markets once again closed on record highs. Auto, Capital Goods, Oil & Gas & Metals also ended on a positive note. At the end of today’s session, Nifty was up by 75 points at 8477 and Sensex was 267 points up at 28334.

The advance-decline ratio on NSE was on the negative side as the day ended with 1731 shares in green and 1963 shares in the red zone.

Top Nifty Gainers: Kotak Mahindra gained 3.67% in today’s trade, followed by SBI, Hindalco, BHEL and PNB.

Top Nifty Losers: Jindal Steel closed the day lower by 2.26%, followed by Infosys, Tata Power, Sun Pharma and Tech Mahindra.

Most of the sectoral indices closed on a positive note. Bankex witnessed superb move and was up more than 450 points. Capital Goods and Auto also closed in the positive territory, up by 211 points and 102 points respectively. Metals, Oil & Gas, Consumer Durables and FMCG also ended on a positive note. IT and Health Care were down by 78 points and 49 points respectively. Mid-caps and small-caps also closed on a negative note.

All the major Asian markets closed the day on a positive note. The Hang Seng index showed handsome up move by 90 points, followed by Nikkei which closed up by 56 points. Taiwan Index closed up by 12 points. KOSPI and Strait Times also closed in the positive territory.    

Buzzer: SBI was up by more than 2.5% 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 310/315 mark in the next few sessions.

Nifty Future has given a bullish crossover as it broke 8500 level. Going ahead if it sustains above this level, it may see more positive move.