Indian markets moved higher after a subdued start as investors bought stocks across the board after a correction in previous session. Auto, capital goods and oil&gas led the upmove while technology stocks were marginally lower as profit booking continued in Infosys Technologies.
“We expect a cautious start and a choppy day. Selling pressure could worsen in case of a break below 5745. However, some recovery cannot be ruled out later in the day if overseas markets remain resilient. A lot of stock centric activity is on the cards.
US and European markets managed modest gains on Friday while Asian equity benchmarks are mixed. Over the weekend, China hiked its reserve ratio by 50 bps. Saudi Arabia reportedly cut oil output in March due to oversupply,” said IIFL report.
At 9:45 am; National Stock Exchange’s Nifty was at 5873.15, up 48.60 points or 0.83 per cent. The broader index touched a high of 5876.50 and low of 5810.30 in trade so far.
Bombay Stock Exchange’s Sensex was at 19574.04, up 187.22 points or 0.97 per cent. The 30-share index hit a high of 19578.04 and low of 19351.51 intraday.
BSE Midcap Index was up 0.91 per cent and BSE Smallcap Index moved 1.17 per cent higher.
Amongst the sectoral indices, BSE Auto Index was up 1.96 per cent, BSE Capital Goods Index gained 1.48 per cent and BSE Oil&gas Index advanced 1.16 per cent. BSE IT Index was down 0.03 per cent.
Hero Honda (6.17%), HCL Tech (2.06%), L&T (1.92%), ONGC (1.82%) and Hindustan Unilever (1.75%) were the top Nifty gainers.
Infosys Technologies (-1.52%), Cipla (-0.36%), Kotak Bank (-0.27%) and BPCL (-0.03%) were the only losers.
Market breadth was positive on the NSE with 1332 advances against 438 declines.