Markets are trading on a firm note in the noon deals. The Sensex has jumped 125 points to 16,162 and the Nifty is at 4,870, up 38 points. Earlier in the day, the markets opened higher on back of positive global cues and gains in the metal space.
According to Salil Sharma, technical analyst, partner kapursharma.com, "On the downside the Nifty has support at 4,800 and if it falls below this level then support is at 4,750. On the upside it has resistance at 4,920 and 5,040. It has given a breakout above 4,800."
Coal India is the top gainer among the Sensex stocks, up 4.4% at Rs 340. Tata Steel, is up 4% at Rs 404. DLF, Bharti Airtel, Tata Power, Larsen & Toubro, Tata Motors, State Bank of India and NTPC are also trading higher by 1.6-3.7% each.
However, Gail India is the top Sensex loser, down nearly 3% at Rs 375. TCS, Bajaj Auto, HDFC, Hero MotoCorp, Sun Pharma, Infosys, HUL and Hindalco are also among the laggards on the benchmark index.
Shares of power generation and power equipment makers – Coal India, Reliance Power, Tata Power, Torrent Power, Suzlon Energy, Areva T&D India, Jaiprakash Power Ventures and Alstom Projects India extended gains on Friday to rise over 4% each, after electricity sector reported a robust growth of 14.6% in November compared with 4.6% a year ago.
Shares of sugar companies have extended their rally for the second straight day on Friday on expectation that the government may allow additional sugar exports of one million tonnes during the current marketing year.
Thomas Cook (India) has surged 14% to Rs 37.15 after its parent Thomas Cook Group plc, the UK-based travel and foreign exchange operator, denied rumours of stake sale in its Indian arm.
Realty, power and metal stocks are witnessing buying in trades so far. BSE Realty index has jumped 3% or 46 points at 1,595 levels. Power and Metal indices are also up over 2% each. Capital Goods, PSU, FMCG, Bankex and Auto indices have also advanced 0.6-1.8% each.
On the other hand IT stocks are reeling under the selling pressure consecutively for the second trading session.
HDIL is the top gainer among the realty stocks, up 5% at Rs 74. Unitech has also surged 4% to Rs 25. Sobha Developers, Oberoi Realty, Anant Raj Industries, D B Realty and Parsvnath Developers are also trading higher by 1.2-4% each.
The broader markets have outperformmed the benchmark indices. The BSE mid-cap index has added 1.5% or 81 points at 5,600 and the small-cap index is up nearly 2% at 6,191 levels.
The overall market breadth is extremely positive as 1,839 stocks are advancing while 722 are declining.
