 "Firm trades continue, Oil & gas shares buck trend")
Markets are holding on to their gains this morning with the SSensex trading at 18,490 - up 75 points. Nifty is up 22 points at 5,580.
Earlier in the day, the BSE Sensex had opened at 18,578 and touched a high of 18,595. From there it pared some gains as selling pressure mounted on oil & gas shares.
"The daily chart now depicts a ‘Bullish Hammer’ Japanese candlestick pattern. This is a bullish pattern and requires confirmation in the form of a close above yesterday’s high of 18462 / 5569. This is also supported by the positive crossover in daily momentum oscillators. Hence, a move beyond 18462 / 5569 may attract significant buying interest among participants. In this scenario, indices may bounce towards 18562 – 18630 / 5605 – 5650 levels. On the flipside, yesterday’s low of 18173 / 5477 would act as a key support in coming trading session," Angle Broking said in a report.
From the sectoral pack, BSE IT index has surged 1.6% at 6770 ahead of IT major - Infosys' results which is set to come out on Friday.
Realty and bankex have gone up 1% each, followed by auto and healthcare shares. However, weakness can be seen in BSE oil & gas counter - the index is down 0.8% at 8,277. Power, PSU and metal indices are also in red.
Tata Motors has jumped 4% to Rs 278 on the back of higher than expected sales of Jaguar Land Rover. Yesterday, JLR said their retail volumes grew by 16% in March. Also from the auto pack, Mahindra & Mahindra has slipped 1% to Rs 829 on account of labour unrest at its Igatpuri engine plant. In a filing to the BSE, the company has informed that there has been a stoppage of work at the Company's Igatpuri Plant due to a tool down strike by the Union. This is post the suspension of two workmen on disciplinary grounds one of them being an union office bearer. The Company is in constant dialogue with the union for an early solution of the issue.
ICICI Bank, Infosys and Wipro have gained 1-3% each. Sterlite was up 1% at Rs 89. FMCG major, ITC recovered from yesterday's lows and was up 0.9% at Rs 287.
On the other hand, Bharti Airtel has slipped 2% at Rs 276. HDFC, NTPC and GAIL are in the red as well. market heavyweight - Reliance is down 0.9% at Rs 773.
BSE market breadth is soft. Out of 1,883 shares traded, 1,091 shares have advanced while 695 shares have declined in trades.
Earlier in the day, the BSE Sensex had opened at 18,578 and touched a high of 18,595. From there it pared some gains as selling pressure mounted on oil & gas shares.
"The daily chart now depicts a ‘Bullish Hammer’ Japanese candlestick pattern. This is a bullish pattern and requires confirmation in the form of a close above yesterday’s high of 18462 / 5569. This is also supported by the positive crossover in daily momentum oscillators. Hence, a move beyond 18462 / 5569 may attract significant buying interest among participants. In this scenario, indices may bounce towards 18562 – 18630 / 5605 – 5650 levels. On the flipside, yesterday’s low of 18173 / 5477 would act as a key support in coming trading session," Angle Broking said in a report.
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Japan's Nikkei share average rose to its highest level since July 2008 on Thursday, and while the market pared some of the gains by the midday break, the underlying mood remained buoyant after the central bank's unprecedented stimulus measures announced last week.
From the sectoral pack, BSE IT index has surged 1.6% at 6770 ahead of IT major - Infosys' results which is set to come out on Friday.
Realty and bankex have gone up 1% each, followed by auto and healthcare shares. However, weakness can be seen in BSE oil & gas counter - the index is down 0.8% at 8,277. Power, PSU and metal indices are also in red.
Tata Motors has jumped 4% to Rs 278 on the back of higher than expected sales of Jaguar Land Rover. Yesterday, JLR said their retail volumes grew by 16% in March. Also from the auto pack, Mahindra & Mahindra has slipped 1% to Rs 829 on account of labour unrest at its Igatpuri engine plant. In a filing to the BSE, the company has informed that there has been a stoppage of work at the Company's Igatpuri Plant due to a tool down strike by the Union. This is post the suspension of two workmen on disciplinary grounds one of them being an union office bearer. The Company is in constant dialogue with the union for an early solution of the issue.
ICICI Bank, Infosys and Wipro have gained 1-3% each. Sterlite was up 1% at Rs 89. FMCG major, ITC recovered from yesterday's lows and was up 0.9% at Rs 287.
On the other hand, Bharti Airtel has slipped 2% at Rs 276. HDFC, NTPC and GAIL are in the red as well. market heavyweight - Reliance is down 0.9% at Rs 773.
BSE market breadth is soft. Out of 1,883 shares traded, 1,091 shares have advanced while 695 shares have declined in trades.