Markets continue northward journey

Markets continue trade firm on back of rally IT, Realty and FMCG stocks. The Sensex has risen 225 points to 20,432 and the Nifty has climbed 73 points to 6163.

All the sectoral indices are trading in the green. BSE IT index continues to remain the top gainer from the sectoral pack, the index is up 1.8% to 6,058. FMCG and Realty stocks are also shining in trade today, the indices are up 1.5% and 1.4% each.

Other stocks from the IT space such as Oracle Finance and TCS have surged 3% and 2.1% each, Patni computers and Infosys have risen 1.8% respectively.

From the Realty space, Indiabulls Real Estate is leading the gains, up 3.4%, followed by Sobha Developers, up 2.2% and DB Realty, up 1.5%.

While the markets are moving sideways, analysts expect some consolidation moving forwatd."I do not foresee a major correction, but markets will consolidate and move sideways. I expect the Nifty to trade between 5700 and 6300 for the next three - four months," DD Sharma, Senior Vice-President (Research), Anand Rathi Financial Services said.

BSE Power index continues to remain a laggard in trade, the index are trading flat, up 0.8%, NTPC, down 0.7% and Adani power, down 0.3% and Lanco Infra, down 0.6% weighs on the index.

Broader markets are trading firm, midcap and smallcap indices are up 0.9% and 1.1% each.

Maruti Suzuki up 2.8%, HDFC and TCS, up 3% each and JP Associates and ITC, up 2% are the top gainers on Sensex. 

All the components on the Sensex are trading in the green except NTPC, down 0.7%.

Market breadth is positive, 1987 stocks are advancing for 858 declining stocks.