MUMBAI: Benchmarks moved higher for sixth straight session as foreign institutional investors were back in the market. Technology, auto and power stocks led the upmove while realty space was a little subdued. Trade may turn choppy as the session progresses due to lack of cues from Asian peers.
"Five days of positive action on the bourses has seen the Nifty cross the 200-DMA in intraday trade though it ended just shy of it. The Nifty could finish above the critical technical level today but any upside won't be without hiccups. Global cues are mixed. The start is likely to be a subdued one on account of the overnight fall in the US market and weakness in the Asian benchmarks.
The encouraging part is that FII inflows - a major catalyst for Indian markets - have picked up in the past few days. Yet, beware of volatility ahead of the year-end tax adjustments and F&O expiry. On the whole, the undertone for the Indian market is likely to remain upbeat as long as the Nifty sustains above 5600. The next big obstacle is seen around 5750.
Banks and IT titans could pace the rally from here on. Keep an eye on Reliance Industries . Telecom shares might be back in the spotlight as the CBI gets ready to file chargesheet in the 2G scam on March 31," said IIFL report.
At 9:55 am; National Stock Exchange's Nifty was at 5728.05, up 40.80 points or 0.72 per cent. The broader index touched a high of 5728.50 and low of 5680.70 in early trade.
Bombay Stock Exchange's Sensex was at 19108.32, up 165.18 points or 0.87 per cent. The 30-share index touched a high of 19111.78 and low of 18944.82 in trade so far.
BSE Midcap Index was up 0.57 per cent and BSE Smallcap Index moved 0.56 per cent higher.
Amongst the sectoral indices, BSE IT Index was up 0.97 per cent, BSE Auto Index gained 0.88 per cent and BSE Power Index moved 0.85 per cent higher. BSE Realty Index was down 0.46 per cent.
Reliance Communications (3.61%), Sesa Goa (2.89%), Bharti Airtel (2.66%), Hero Honda (2.43%) and Reliance Infrastructure (2.20%) were the top Nifty gainers.
DLF (-0.79%), Jaiprakash Associates (-0.79%), Ranbaxy Laboratories (-0.46%), Tata Motors (-0.43%) and Cairn India (-0.25%) were amongst the losers.
Meanwhile the Asian markets were witnessing rangebound session. Nikkei was down 0.47 per cent lower, Hang Seng was up 0.10 per cent and Taiwan Weighted advanced 0.18 per cent.
As per provisional data of March 28, FIIs bought equities worth Rs 890 crore in the cash market and were net buyers of Rs 902 crore in the F&O market. Domestic institutions, meanwhile, were net sellers of Rs 287 crore in the cash market.
"Five days of positive action on the bourses has seen the Nifty cross the 200-DMA in intraday trade though it ended just shy of it. The Nifty could finish above the critical technical level today but any upside won't be without hiccups. Global cues are mixed. The start is likely to be a subdued one on account of the overnight fall in the US market and weakness in the Asian benchmarks.
The encouraging part is that FII inflows - a major catalyst for Indian markets - have picked up in the past few days. Yet, beware of volatility ahead of the year-end tax adjustments and F&O expiry. On the whole, the undertone for the Indian market is likely to remain upbeat as long as the Nifty sustains above 5600. The next big obstacle is seen around 5750.
Banks and IT titans could pace the rally from here on. Keep an eye on Reliance Industries . Telecom shares might be back in the spotlight as the CBI gets ready to file chargesheet in the 2G scam on March 31," said IIFL report.
At 9:55 am; National Stock Exchange's Nifty was at 5728.05, up 40.80 points or 0.72 per cent. The broader index touched a high of 5728.50 and low of 5680.70 in early trade.
Bombay Stock Exchange's Sensex was at 19108.32, up 165.18 points or 0.87 per cent. The 30-share index touched a high of 19111.78 and low of 18944.82 in trade so far.
BSE Midcap Index was up 0.57 per cent and BSE Smallcap Index moved 0.56 per cent higher.
Amongst the sectoral indices, BSE IT Index was up 0.97 per cent, BSE Auto Index gained 0.88 per cent and BSE Power Index moved 0.85 per cent higher. BSE Realty Index was down 0.46 per cent.
Reliance Communications (3.61%), Sesa Goa (2.89%), Bharti Airtel (2.66%), Hero Honda (2.43%) and Reliance Infrastructure (2.20%) were the top Nifty gainers.
DLF (-0.79%), Jaiprakash Associates (-0.79%), Ranbaxy Laboratories (-0.46%), Tata Motors (-0.43%) and Cairn India (-0.25%) were amongst the losers.
Meanwhile the Asian markets were witnessing rangebound session. Nikkei was down 0.47 per cent lower, Hang Seng was up 0.10 per cent and Taiwan Weighted advanced 0.18 per cent.
As per provisional data of March 28, FIIs bought equities worth Rs 890 crore in the cash market and were net buyers of Rs 902 crore in the F&O market. Domestic institutions, meanwhile, were net sellers of Rs 287 crore in the cash market.
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