The markets have been trading in a smooth manner this afternoon. After regaining the 20k mark in the early part of the session, the BSE benchmark has been consolidating its position above the mark. The Nifty is however facing stiff resistance around the 6000 mark, which it had momentarily scaled in morning trades. The Sensex is quoting at 20023, higher by 123 points and the Nifty is at 5990, up 22 points as we move into the final hour of trading. The midcap index is at 7602, higher by 43 points and the smallcap index is at 9299, up 78 points.
And but a repeat of the last hour retracement seen in previous session, we seem to be headed for a close above the 20k mark, a level last seen on November 15.
Metals are carrying on from where they left on the previous session. as LMEX, a gauge of six metals, closed at two-and-half year highs on the London Metal Exchange (LME) yesterday. Lead, zinc and copper prices had appreciated 2-3% on the LME overnight. And steel prices for near February month contract on the NCDEX have gained by Rs 360, or 1.36%, to Rs 26,740 per tonne. True to the positive sentiment , Sterlite has soared by 4.7% at Rs 176 to emerge as the leading gainer on the BSE. Hindalco has spurted by 4.4% at Rs 233, while Jindal Steel has jumped by 1.5% at Rs 685 and Tata Steel has gained 1.4% at Rs 674.
Giving company to metals are banking and realty, which were laggards in the previous session. In the banking space, ICICI Bank strengthened by 3.4% at Rs 1137, SBI gained 1.9% at Rs 2755 and HDFC Bank has added 1.4% at Rs 2201. And the realty space is seeing the likes of DLF rhardening by 2% at Rs 285 and Unitech adding 2.5% at Rs 63.
On the losers side, Hero Honda is witnessing profit-booking after the stellar gains of then previous session. The auto major has slid by 1.6% at Rs 1949. NTPC and Infosys, which had also run up considerably in the recent past till Monday, are also trading lower by nearly a percent each at Rs 191 and Rs 3319 respectively.
The market breadth is positive. Out of 2953 stocks traded on the BSE, there are 1771 advancing stocks as against 1065 declines.
