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Firm trade continues led by heavyweights

This article was posted on Jul 4, 2013 and is filed under Market News

Markets continued to trade firm in late morning deals on the back of bargain hunting and short covering in index heavyweights.

Markets continued to trade higher in early noon deals led by gains in IT, FMCG and oil shares. The Sensex was up 132 points at 19310. Nifty was up 43 points at 5,813.

Buying interest was visible in the FMCG index – up 1.6% at 6,714. Consumer durables, IT, capital goods and oil & gas indices also advanced 1-1.5% each. However, some weakness remained in the metal and auto sectors.

Broader markets were marginally up in green. The indices were up 0.2% each at 5960 anmd 5676, respectively.

ITC was the major mover among Sensex shares – contributing around 45 points to the Sensex’s upmove. Reliance, Infosys and Larsen & Toubro were also playing a part. Tata Power continued to shine with 3.4% gains at Rs 85. Bharti Airtel added 2%, followed by Wipro and Sun Pharma.

On the other hand, BHEL slipped 2% at Rs 175. Sterlite, Bajaj Auto, ICICI Bank and ONGC were also in red.

Markets continued to trade firm in late morning deals on the back of bargain hunting and short covering in index heavyweights after the correction in the past two trading sessions.

At 10:30AM, the 30-share Sensex was up 147 points at 19,324 and the 50-share Nifty was up 42 points at 5,813.

The rupee today strengthened by 19 paise to 60.02 against the dollar in early trade, snapping its three-session falling streak at the Interbank Foreign Exchange market on increased selling of the US currency by exporters. The local currency had lost 55 paise to close at 60.21 yesterday due to fresh capital outflows and sustained dollar demand from importers. Dealers said besides increased dollar selling by exporters, a higher opening in domestic equity market and yen’s gain against the American currency overseas also helped the rupee to recover.

Asian stocks were trading with gains were capped as investors turned cautious in wake of the political turmoil in Portugal and US jobs data due on Friday. The Nikkei was marginally down while the Shanghai Composite and Straits Times were up 1% and the Hang Seng surged 1.8%.

For more visit: Business Standard

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