Markets remain firm; Banking stocks support Analysis for Apr 09, 2015

Posted By: Religare
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India markets managed to move in the positive terrain during the noon trading session with both Sensex and Nifty above psychologically crucial 28,700 and 8,700 levels respectively on buying activity by market-participants at lower levels. The gains on the D-street were further supported by banking shares which rose 5 per cent on the bourses after Moody's Investors Service changed India's outlook to 'positive' from 'stable' earlier and affirmed 'Baa3' credit rating on Thursday. Moody's Investors Service in a statement said that the decision to revise the ratings outlook to positive from stable is based on its view that there is an increasing probability that actions by policy makers will enhance the country's economic strength and, in turn, the sovereign's financial strength over coming years. On the global front, Asian shares were mixed on Thursday, with gains supported by lower oil prices, firmness in US markets and strong buying in Hong Kong by mainland Chinese investors.

At 1:12PM BSE SENSEX was at 28784.29, up by 76.54 points or by 0.27 per cent, while the NSE Nifty was at 8744.05, up by 29.65 points or by 0.34 per cent.

The BSE MIDCAP was at 11074.53, up by 52.36 points or by 0.48 per cent, while the BSE SMLCAP was at 11725.3, up by 89.92 points or by 0.77 per cent.

The BSE Sensex touched an intraday high of 28875.08 and an intraday low of 28622.44, while the NSE Nifty touched an intraday high of 8759.9 and an intraday low of 8682.45.

The top gainers of the BSE Sensex pack were Reliance Industries Ltd. (Rs. 889.00,+2.72%), Axis Bank Ltd. (Rs. 568.55,+2.22%), State Bank of India (Rs. 278.70,+1.86%), Tata Steel Ltd. (Rs. 342.50,+1.86%), ICICI Bank Ltd. (Rs. 320.40,+1.59%), among others.

The top losers of the BSE Sensex pack were GAIL (India) Ltd. (Rs. 396.70,-3.02%), Bharti Airtel Ltd. (Rs. 407.00,-2.92%), Sun Pharmaceutical Industries Ltd. (Rs. 1119.00,-2.71%), Cipla Ltd. (Rs. 723.70,-1.72%), Dr. Reddy's Laboratories Ltd. (Rs. 3715.05,-1.09%), among others.

Among the sectors, In BSE, BSE_Bankex index was at 21593.92 up by 453.15 points or by 2.14%. Punjab National Bank (Rs. 161.00,+5.47%), Kotak Mahindra Bank Ltd. (Rs. 1433.45,+4.37%), Bank of India (Rs. 213.50,+3.57%), IndusInd Bank Ltd. (Rs. 929.55,+3.13%), Canara Bank (Rs. 389.00,+2.57%),.

On the flip side, In BSE, BSE Realty index was at 1775.2 down by -15.84 points or by -0.88%. DLF Ltd. (Rs. 159.45,-1.60%), Housing Development & Infrastructure Ltd. (Rs. 131.50,-1.57%), Indiabulls Real Estate Ltd. (Rs. 70.80,-1.46%), Prestige Estates Projects Ltd. (Rs. 275.20,-1.45%), Oberoi Realty Ltd. (Rs. 299.55,-1.22%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total 2756 shares traded, 1499 shares advanced, 1136 shares declined while 121 remained unchanged.

Story first published: Thursday, April 9, 2015, 13:36 [IST]
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