 "Nifty nears 6,300 mark; capital goods gain")
Benchmark indices continue to hold on the gains with Nifty nearing 6,300 mark led by buying among capital goods and banking shares.
Adds Kunal Bothra, technical analyst, LKP Securities, “Looking at the current momentum, 6300 levels is a very likely level for the F&O Expiry today. In the short term view, 6350 is a strong resistance zone, above which the uptrend could resume and Nifty could rally till 6550 levels. On the support side, I think the 50 DMA is where the markets are finding decent support. So at current levels 6180 is a strong support level for the markets.”
By 11:05, the Sensex was higher by 57 points at 21,090 mark and the Nifty gained by 19 points at 6,288 levels.
Foreign institutional investors (FIIs) bought shares worth a net Rs 40.67 crore on Tuesday, as per provisional data from the stock exchanges.
On the global front, US stock markets remained closed on Wednesday for Christmas.
Tokyo's Nikkei share average climbed 0.9% to a more than six-year high on Thursday, with buying mostly by retail investors as tax-free investment accounts aimed at driving Japanese savings into stocks kicked off.
The Nikkei was up 145.99 points at 16,155.98 in mid-morning trade, after closing above 16,000 for the first time since December 2007 on Wednesday.
The government-sponsored investment plan, known as Nippon Individual Savings Account, will provide a five-year tax holiday on dividends and capital gains provided the money is invested in stocks, mutual funds or exchange traded funds.
Back home, the rupee is trading weaker at 61.91/92 versus its close of 61.79/80 on Tuesday. Further losses are likely to be limited as exporters will come in to sell dollars close to 62 levels.
On the sectoral front, BSE Capital Goods, Power, Consumer Durables, Oil & Gas and Healthcare indices have gained by 1% each. Infact, all the major BSE sectoral indices are trading in positive zone.
The main gainers on the Sensex at this hour are ONGC, Tata Power, Bharti Airtel, Sun Pharma, BHEL, NTPC, Sesa Sterlite and GAIL, all gaining between 1-3%.
On the losing side, HDFC, Hero Moto, RIL, ICICI Bank and Hindalco have declined between 0.1-1%.
Among other shares, Trident rose 2.76% to Rs 16.75 after the company said that the court convened meeting of its shareholders is scheduled to be held on 25 January 2014 in the matter of proposed amalgamation of Trident Corporation with the company.
IL&FS Transportation Networks rose 1.89% to Rs 135.10 after the firm approved the allotment of 12.64 crore rated listed fully paid-up cumulative non-convertible compulsorily redeemable preference shares on private placement basis.
Bosch rose 4.59% to Rs 10,311 after hitting record high of Rs 10,350 in intraday trade.
The broader markets continue to outperform the benchmark indices- BSE Midcap and Smallcap indices are up over 1% each.
The market breadth in BSE remains healthy with 1,315 shares advancing and 477 shares declining.
Adds Kunal Bothra, technical analyst, LKP Securities, “Looking at the current momentum, 6300 levels is a very likely level for the F&O Expiry today. In the short term view, 6350 is a strong resistance zone, above which the uptrend could resume and Nifty could rally till 6550 levels. On the support side, I think the 50 DMA is where the markets are finding decent support. So at current levels 6180 is a strong support level for the markets.”
By 11:05, the Sensex was higher by 57 points at 21,090 mark and the Nifty gained by 19 points at 6,288 levels.
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The market will remain volatile today as traders roll over positions in the futures & options (F&O) segment from the near month December 2013 series to January 2014 series.
Foreign institutional investors (FIIs) bought shares worth a net Rs 40.67 crore on Tuesday, as per provisional data from the stock exchanges.
On the global front, US stock markets remained closed on Wednesday for Christmas.
Tokyo's Nikkei share average climbed 0.9% to a more than six-year high on Thursday, with buying mostly by retail investors as tax-free investment accounts aimed at driving Japanese savings into stocks kicked off.
The Nikkei was up 145.99 points at 16,155.98 in mid-morning trade, after closing above 16,000 for the first time since December 2007 on Wednesday.
The government-sponsored investment plan, known as Nippon Individual Savings Account, will provide a five-year tax holiday on dividends and capital gains provided the money is invested in stocks, mutual funds or exchange traded funds.
Back home, the rupee is trading weaker at 61.91/92 versus its close of 61.79/80 on Tuesday. Further losses are likely to be limited as exporters will come in to sell dollars close to 62 levels.
On the sectoral front, BSE Capital Goods, Power, Consumer Durables, Oil & Gas and Healthcare indices have gained by 1% each. Infact, all the major BSE sectoral indices are trading in positive zone.
The main gainers on the Sensex at this hour are ONGC, Tata Power, Bharti Airtel, Sun Pharma, BHEL, NTPC, Sesa Sterlite and GAIL, all gaining between 1-3%.
On the losing side, HDFC, Hero Moto, RIL, ICICI Bank and Hindalco have declined between 0.1-1%.
Among other shares, Trident rose 2.76% to Rs 16.75 after the company said that the court convened meeting of its shareholders is scheduled to be held on 25 January 2014 in the matter of proposed amalgamation of Trident Corporation with the company.
IL&FS Transportation Networks rose 1.89% to Rs 135.10 after the firm approved the allotment of 12.64 crore rated listed fully paid-up cumulative non-convertible compulsorily redeemable preference shares on private placement basis.
Bosch rose 4.59% to Rs 10,311 after hitting record high of Rs 10,350 in intraday trade.
The broader markets continue to outperform the benchmark indices- BSE Midcap and Smallcap indices are up over 1% each.
The market breadth in BSE remains healthy with 1,315 shares advancing and 477 shares declining.