Key benchmark indices ended the first trading day of fiscal 2012-13 on a positive note after having witnessed choppy trades. The BSE Sensex ended at (provisional) 17,492, up 88 points while the Nifty ended at 5,322, up 27 points.
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(Updated at 14:47pm)
The markets continued to witness positive trades in afternoon trades with the BSE Sensex at 17,470, up 70 points and the Nifty at 5,315, up 19 points.
Earlier in the day, the BSE benchmark index touched the day's high at 17,530 and the day's low at 17,382.
According to Hormuz Maloo, Technical Analyst with Geojit BNP Paribas Securities, "The Nifty seems to have taken support at its 200 day moving average last week and bounced upwards strongly. The 200dma is currently around 5,148 levels. This remains a significant support level. On the upside, we have a small resistance at Friday's high of 5,307 points, which is also the 50 day moving average of the Nifty. There is a stronger resistance slightly higher at around 5,500 points."
In Asia, Japan's Nikkei average snapped a three-day losing streak on Monday after stronger-than-expected data from China eased worries of an abrupt economic slowdown, while buying by domestic investors provided support. The index ended at 10,110, up 0.26%. The Hang Seng index ended lower by 0.16%, while the Shanghai Composite index ended higher by 0.47%.
European markets are higher today with shares in Germany leading the region. The DAX is up 0.75% while France's CAC 40 is up 0.55% and London's FTSE 100 is up 0.39%.
Back home, consumer durable stocks have logged smart gains in trade today with the BSE Consumer Durables' index surging nearly 4% at 6,650 levels. Earlier in the day, the index touched the day's high at 6,671 levels and the day's low at 6,514 levels.
From the space, C. Mahendra Exports, Titan Industries, TTK Prestige, Whirlpool of India and Bajaj Electricals, up 2-11% each, are the prominent gainers. Titan Industries has rallied 6% at Rs 243 on reports that the government allowed the company to import gold directly. The move would help the Tata Group firm in saving 1% of its operating cost and also it would get good quality gold.
“The company had approached Directorate General of Foreign Trade (DGFT), under the Commerce Ministry, seeking license for direct gold import. The company would use gold for its watches and jewellery,” reports suggest.
"Interestingly consumer durables sector as a whole is outperforming the benchmarks. Titan specifically had been quite volatile lately. We think this stock had now got decent support placed near Rs 226 levels, while any meaningful bounce only above Rs 255 should be used to make a fresh entry at this point of time," says Navneet Daga, Derivative Analyst, Choksey Securities.
BSE Capital Goods, Realty and Bankex indices have advanced nearly 1-2% each.
Larsen & Toubro, from the Capital goods' space, has extended Friday's surge after bagging orders worth Rs 1,875 crore across various business segments in March. The scrip is at Rs 1,325, up 2%.
From the auto pack, Mahindra & Mahindra is trading higher by 1.5% at Rs 707 after reporting 25% increase in sales at 47,001 units in March 2012.
Among the Sensex 30 stocks, DLF is the top gainer at Rs 208, up 3.42%. Other prominent gainers include NTPC, Mahindra & Mahindra, Larsen & Toubro and SBI, up 2% each. The losers from the pack are Bajaj Auto, Hindustan Unilever, Coal India and Sterlite Industries, down 1-2% each. Maruti Suzuki is down marginally at Rs 1,344.
The overall market breadth is positive as 1,834 stocks have advanced against 818 declining ones, on the BSE.
