still the top performing sectors while banking space showed weakness.
“US markets were positive and other Asian markets are positive. Our GDP numbers came at 5.8% which was way above market expectation and we believe that this numbers just goes to show the resilience of our economy
. We continue to believe that our market is in overbought territory and hence once should book profits at every rise. We expect market to open up but expect some profit booking to
at higher levels for the day,” said Religare Securities report.
At 11:10 am, Bombay Stock Exchange’s Sensex was at 14723.89, up 98.64 points or 0.67 per cent. The index touched an intra-day high of 14906.81 and low of 14714.30.
National Stock Exchange’s Nifty slipped below 4500 to 4487.25, up 38.30 points or 0.86 per cent. It touched an intra-day low of 4450.40 and high of 4545.40.
“Trend deciding level for the day is 4426 / 14557. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4511 – 4573 / 14795 – 14965. However, if Nifty trades below 4426 / 14557 for the first half-an-hour of trade then it may correct up to 4364 / 14388,” said Angel Broking note.
However, the buying activity continued in the tier II stocks. BSE Midcap Index was up 2.60 per cent and BSE Smallcap Index gained 2.68 per cent.
Amongst the sectoral indices, BSE Realty Index was up 4.37 per cent, BSE Metal Index gained 3.53 per cent and BSE Power Index was up 2.49 per cent. BSE Bankex was down 0.23 per cent.
Jaiprakash Associates (7.95%), NTPC (6.13%), Tata Steel (4.77%), Reliance Communications (4.07%) and Hindalco (3.90%) were amongst the Sensex gainers.
Bharti Airtel (-2.84%), ICICI Bank (-1.61%), Ranbaxy Laboratories (-1.26%), TCS (-1.06%) and HDFC Bank
(-0.87%) were amongst the index losers.
Market breadth was positive on the BSE with 1979 advances and 477 declines.
Stocks across Asia picked extended gains after encouraging manufacturing data from China. The Nikkei rose 1.44 per cent, Hang Seng picked up 2.77 per cent and Straits Times climbed 1.92 per cent.
US stocks advanced on Friday on the back of rising commodity prices which boosted shares of natural resource companies. The Dow Jones Industrial Average gained 96.53 points, or 1.15 per cent, to 8,500.33. The Standard & Poor’s 500 Index climbed 12.31 points, or 1.36 per cent, to 919.14 and the Nasdaq Composite Index rose 22.54 points, or 1.29 per cent, to 1,774.33.
Meanwhile, oil prices climbed 1 percent to hit a fresh seven-month high on Monday on expectations for a global economic recovery which boosted equity markets. US light, sweet crude was trading at $66.97 a barrel, 66 cents higher. news beuro,