Nifty surges 79 pts on fall in trade deficit

The CNX Nifty of the National Stock Exchange (NSE) shot up by 79 points on sharp drop in trade deficit to end above 6K-mark after two week at 6007.45, despite mixed global trend.
As the latest data showed that the trade deficit narrowed sharply in September 2013 from August 2013, reducing concerns about the country's current deficit (CAD), which mainly boosted the market sentiment after initial nervousness.
The broad-base 50-issue CNX Nifty initially touched a low of 5,877.10 but later bounced back on the news of steep fall in trade deficit and closed at 6,007.45, showing a rise of 79.05 points or 1.33 per cent.

Kishor P Ostwal, CMD, CNI Research Ltd. Said: "Nifty crossed 6,000. Next resistance is at 6,080. If Nifty crosses 6130 then we can see 6,270. Support is at 5,950. If it breaks below 5,880, then 5,700 is possible. Some mid cap action was seen today."
"CNX IT is at an all time high with TCS and Tech M so any disappointment can see big crack in CNX IT whereas upside will be always restricted ever if Murthy gives robust guidance as many funds will come for profit booking," he added.
Top five gainers from the Nifty pack were DLF 6.09 per cent, Sun Pharma 5.08 per cent, Jaipra Asso 4.48 per cent, Kotak Bank 3.45 per cent and NMDC 3.37 per cent while top five losers were M&M 1.41 per cent, ACC 1.38 per cent, Wipro 1.28 per cent, SSlt 0.99 per cent and Cipla 0.71 per cent.

Turnover in the cash segment improved further to Rs 11,638.84 crore from Rs 10,432.90 crore yesterday. A total of 6,494.07 lakh shares changed hands in 56,23,009 trades. The market capitalisation stood at Rs 64,42,974 crore.