Mid-Session: Nifty holds 8400 levels; broader market support Analysis for Jun 24, 2015

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Tracking firm cues from Asian peers, the Indian benchmark indices were trading higher in the noon session of the day"s trade led by gains in the healthcare and FMCG stocks. However, losses in the index heavyweights such as Hero MotoCorp, Infosys, Lupin, ICICI Bank capped upmove. The optimism prevailed in the market amid progress of the monsoon which raised hope for another round of rate cut by the Reserve Bank of India. On the global front, Asian peers were trading higher led by Japan"s Nikkei 225 which was heading towards its highest close in more than 18 years. Meanwhile, China"s Shanghai Composite rebounded strongly followed by the Nikkei and Hang Seng.

At 12:20 PM BSE SENSEX was at 27882.35 up by 77.98 points or by 0.28 per cent and the NSE Nifty was at 8405.25 up by 23.7 points or by 0.28 per cent.

In line with the benchmark indices, the broader market were also floating above the baseline with the BSE MIDCAP trading at 10671.92 up by 20 points or by 0.19 per cent, while the BSE SMLCAP was at 11171.48 up by 26.51 points or by 0.24 per cent.

In the bullish trade so far, the BSE Sensex touched intraday high of 27920.6 and intraday low of 27784.44, while the NSE Nifty touched intraday high of 8414.3 and intraday low of 8376.1.

The top gainers of the BSE Sensex pack were Bharat Heavy Electricals Ltd. (Rs. 254.20,+4.16%), Hindustan Unilever Ltd. (Rs. 898.50,+2.77%), Lupin Ltd. (Rs. 1809.00,+2.05%), Sun Pharmaceutical Industries Ltd. (Rs. 872.65,+1.75%), Wipro Ltd. (Rs. 564.00,+1.11%), among others.

On the flip side, Hindalco Industries Ltd. (Rs. 119.60,-1.69%), Mahindra & Mahindra Ltd. (Rs. 1315.55,-1.36%), Bharti Airtel Ltd. (Rs. 425.50,-0.93%), Tata Steel Ltd. (Rs. 310.55,-0.93%), NTPC Ltd. (Rs. 138.15,-0.72%), were among top losers on BSE.

Among the thirteen sectoral indices, healthcare index was top gainer and was trading at 16453.96 up by 193.25 points or by 1.19 per cent. Opto Circuits India Ltd. (Rs. 21.65,+11.03%), J B Chemicals & Pharmaceuticals Ltd. (Rs. 244.50,+7.78%), Aurobindo Pharma Ltd. (Rs. 1449.20,+3.83%), Unichem Laboratories Ltd. (Rs. 195.00,+3.81%), Elder Pharmaceuticals Ltd. (Rs. 81.70,+3.48%), were among top gainers.

Following the healthcare index, BSE_FMCG index was at 7721.89 up by 74.63 points or by 0.98 per cent. Assam Company (India) Ltd. (Rs. 4.00,+13.64%), Venky's (India) Ltd. (Rs. 355.70,+10.88%), G M Breweries Ltd. (Rs. 131.00,+8.71%), Marico Ltd. (Rs. 465.70,+4.80%), Kokuyo Camlin Ltd. (Rs. 87.45,+4.23%), were among others supporting the market.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2419, shares advanced were 1289 while 1026 shares declined and 104 were unchanged.

Story first published: Wednesday, June 24, 2015, 13:12 [IST]
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