Nifty ends near 5600; Reliance Capital, Reliance Communications, NTPC, SAIL gain

Indian markets ended in the positive terrain as investors bought stocks across the board for second consecutive session. Gainers pack was led by capital goods, power and technology stocks while realty, pharmaceuticals and auto stocks remained subdued.

Benchmarks opened in the green tracking other Asian peers but could not breach intermediate resistance levels as traders resorted to profit booking. After lying rangebound through out the session, some buying activity was seen towards the end as benchmarks hit fresh intra-day highs.

Bombay Stock Exchange's Sensex closed at 18608.81, up 105.53 points or 0.57 per cent. The 30-share index hit a high of 18636.12 and low of 18514.66 intraday.

National Stock Exchange's Nifty was at 5592, up 31.85 points or 0.57 per cent. The broader index touched a high of 5597.35 and low of 5559.45 in trade today.

"The market is correcting its fall and traders can exit long positions between 5700-5800. The 200-DMA of Nifty is at 5756 levels and the index is expected to face resistance here. In case, the Nifty slips 100-150 points from 5635 levels, it should be seen as a buying opportunity. We are bullish on Petronet LNG, TCS and Idea Cellular at current levels. Heavy buying was seen in sugar sector and around 10 per cent upside is expected in sugar stocks. Tata Motors looks negative," said Bharat Gala, President, Ventura Securities.

BSE Midcap Index was up 0.82 per cent and BSE Smallcap Index moved 0.87 per cent higher.

Amongst sectoral indices, BSE Capital Goods Index moved 1.38 per cent higher, BSE Power Index was up 0.96 per cent and BSE IT Index advanced 0.87 per cent. BSE Healthcare Index slipped 0.36 per cent, BSE Realty Index was down 0.28 per cent and BSE Oil&gas Index fell 0.13 per cent.

Reliance Capital (4.72%), Reliance Communications (4.53%), NTPC (4.01%), Ambuja Cement (3.14%) and SAIL (3.06%) were the major Nifty gainers.

Reliance Communications has received offers for a controlling stake in tower arm Reliance Infratel and wants to seal a deal at the earliest. The board has approved taking the process to the next stage of due diligence and the sale would help de-leverage its balance sheet and reduce debt, which stood at Rs 32,048 crore as of March 31.

SAIL has delayed its plan to come out with follow-on public offer due in mid-June due to unfavourable market conditions.

Ranbaxy Laboratories (-2.48%), Tata Motors (-1.65%), Sun Pharma (-1.56%), DLF (-1.21%) and Tata Steel (-1.15%) were the top losers.

Tata Steel has offloaded 51% stake in group company Tata Refractories to Nippon Steel's associate Krosaki Harima Corporation and inducted the Japanese firm as a strategic partner. The deal is valued at 576.3 crore, going by valuation of Tata Refractories at Rs 1,130 crore.

Market breadth was positive on the NSE with 1825 advances as compared to 1040 declines.

source :http://economictimes.indiatimes.com/markets/stocks/market-news/nifty-ends-near-5600-reliance-capital-reliance-communications-ntpc-sail-gain/articleshow/8680669.cms

Thanks & Regards,

Monindro Saha

Summer Intern @ DENIP CONSULTANT PVT LTD.