Wednesday, March 30, 2011

Nifty nears 5800; DLF, M&M, Dr Reddy’s, HDFC gain

MUMBAI: Indian markets extended gains for seventh straight session taking cues from positive global peers. All the sectoral indices were in the green with realty, healthcare and metals stocks leading the upmove.

"The start today will be good, spurred by encouraging global cues. India Inc. may suffer a bit in terms of productivity but there is unlikely to be any material impact on market volumes. What could have a bearing is the last minute year-end rebalancing and F&O related gyrations.

The undertone has turned around in the past few sessions. The key indices have surpassed the crucial 200-DMA levels, propelled by renewed pick-up in FII inflows. After being pessimistic on India in the first two months, they have resumed their bets in March. One has to see whether the trend persists in April or not," said IIFL report.

At 10:10 am; National Stock Exchange's Nifty was at 5,794.85, up 58.50 points or 1.02 per cent. The broader index touched a high of 5799.15 and low of 5753.90 in early trade.

Bombay Stock Exchange's Sensex was at 19327.04, up 206.24 points or 1.08 per cent. The 30-share index touched a high of 19329.56 and low of 19178.77 in trade so far.

BSE Midcap Index was up 1.22 per cent and BSE Smallcap Index moved 1.84 per cent higher.

Amongst the sectoral indices, BSE Realty Index was up 2.11 per cent, BSE Healthcare Index gained 1.44 per cent and BSE Metal Index moved 1.38 per cent higher.

DLF (2.73%), M&M (2.67%), Dr Reddy's Laboratories (2.47%), Sesa Goa (2.44%) and HDFC (2%) were the top Nifty gainers.

HCL Tech (-0.65%), Bharti Airtel (-0.65%), BPCL (-0.10%) and Axis Bank (-0.06%) were the only losers.

Meanwhile the Asian markets were witnessing buying activity. Nikkei was up 1.97 per cent, Hang Seng was gained 1.71 per cent and Taiwan Weighted moved 0.73 per cent higher.


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