Markets are trading on a firm note in the morning trades. The Sensex is up 112 points at 17,214 and the 50-share Nifty has jumped 31 points to 5,229.
According to Rakesh Gandhi, Seniorr Technical Analyst- Advisory with LKP Securities, "Since more than a week we have been of opinion that fall below 5,260 is sign of weakness and we could see further lower levels. Nifty saw low of 5,200 which is a strong support."
"I think markets have found narrow range of 5,150 to 5,360. It will be strengthening the trend if during this result season markets negotiate between this range and make a higher base. At this point it looks very unlikely to happen but, if nifty starts trading below 5,150 it will be big cause of concern," adds Gandhi.
Among the individual stocks, Infosys shares on the BSE continued to fall, as the stock touched a 33-month low.
The Bangalore-based information technology (IT) services company’s stock hit a low of Rs 2,164, down 13 per cent since July 1. The stock recovered marginally and closed at Rs 2,172.6 per share, down 2.48 per cent from the previous close.
Tata Coffee has rallied 4% to Rs 985, also its all-time high, on reporting a robost performance during the recently concluded quarter. The consolidated net profit at Rs 31.84 crore for the quarter ended June 2012 more than doubled on the back of strong sales and strengthening dollar. The company had reported a net profit of Rs 13.59 crore in the previous corresponding period. Revenues grew 24% at Rs 414 crore on year-on-year basis.
(Updated at 9:20 AM)
Markets have opened higher on the back of strong global cues, The Sensex has opened higher by 130 points at 17,233 and the 50-share Nifty has advanced 37 points to 5,233 levels.
Overnight, the US markets ended lower after weak US retail sales data fed bets a faltering economy would prompt more stimulus from the Federal Reserve. The Dow Jones industrial average closed down 50 points, or 0.39%, at 12,727, S&P500 fell 3 points to finish at 1,354 and Nasdaq Composite Index was down 11 points, or 0.40%, at 2,897.
Asian markets are trading higher in trades today. Hang Seng has advanced 2% to 19,457, Nikkei is trading higher by 0.6% a 8,774 and the Shanghai Composite has jumped 0.6% to 2,160 levels.
Back home, Dr Reddy's Labs is the top gainer among the Sensex stocks, it has opened higher y 2% at Rs 1,704. Tata Power, Sun Pharma, Sterlite Industries, Hindalco, ICICI Bank, Jindal Steel, NTPC, SBI, Coal India and Bharti Airtel have also opened higher by 0.7-1.3% each.
On the other hand, Gail India and Tata Motors are among the notable losers.
All the sectoral indices have opened higher. BSE healthcare index is the top sectoral gainer, up 1% or 76 points at 7,0714 levels. Bankex, power, metal, FMCG, realty, consumer durables and capital goods indices have also opened higher by 0.4-0.7% each.
The broader markets have opened in-line with the benchmark indices. The BSE mid-cap and small-cap indices have jumped 0.4% each.
The overall breadth is positive as 856 stocks are advancing while 404 are declining.