Markets gain momentum
BSE Auto index top sectoral gainer
Markets have gained some momentum in the noon deals on the back of buying visible in the auto and healthcare stocks. The Sensex has advanced 84 points to 17,476 and the S&P CNX Nifty has jumped 26 points to 5,324 levels.
According to Ashish Chaturmohta, Vice President (Derivatives and Technical desk) with IIFL Wealth, "Markets have been consolidating in a range of 5150-5400 levels in last 13 trading days where also Nifty's maximum OI is concentrated at 5200 and 5400 strike prices for put and call options respectively, suggesting crucial range. Now, if any of these levels are breached on closing basis, than we may witness another 100-150 points of sharp momentum and may set the short term trend."
Meanwhile, the Asian markets were trading on a subdued note. Nikkei shed 79 points to 9,588, Shanghai was down 2 points at 2,378. Howevewr, Hang Seng was up 160 points at 20,941 levels.
Back home, HDFC Bank, Coal India, Cipla, Sun Pharma, Bharti Airtel, HDFC, Infosys, ONGC and Tata Steel are the top gainers among the Sensex stocks. While, BHEL, Hindalco, Gail India, Wipro, ICICI Bank, HUL, Larsen & Toubro and SBI are among the laggards.
Auto and healthcare stocks are witnessing buying consecutively for the second trading session. The BSE Auto index is the top sectoral gainer, up 1.5% or 159 points at 10,688 levels.
Tata motors is the top gainer from this space, the stock has advanced 2.4% to Rs 317. The India's largest automobile company has entered the elite club of companies with Rs one trillion market value on the back of strong global sales for the month of March, joining Reliance Industries, ONGC, Coal India and TCS. Maruti Suzuki, Ashok Leyland, Mahindra & Mahindra, Hero MotoCorp, Bajaj Auto, Cummins India and Bharat Forge are also trading higher from this space.
Healthcare index has also advanced 1% or 70 points to 6,845 levels. Metal, IT, bankex, consumer durables, PSU, oil & gas and FMCG stocks are also witnessing buying in trades so far.
At the same time, capital goods, power and realty stocks are facing the selling pressure in the noon deals.
Shares of tea manufacturing companies are in focus in noon trades on the bourses on reports that UK-based Camellia Plc, which owns a 74% stake in tea major Goodricke Group, said it was 'very interested' in buying out tea gardens in Assam to expand its business of the brew in India.
The broader markets are in line with the benchmark indices. The BSE mid-cap index has advanced 28 points to 6,493 and the small-cap index is up 22 points at 6,936 levels.
The overall breadth is positive as 1,426 stocks are advancing while 1,187 are declining.