MUMBAI: The 50-share National Stock Exchangebenchmark Nifty surged higher after a strong opening on the back of positive cues from Asian peers. All the sectoral indices, barring the IT space, were in the green with banks, realty and capital goods space in the lead.
According to dealers, the near term trend looks bullish and the benchmarks may continue with their upward momentum.
"Oscillators RSI (14) and MACD (12/26/9) are exhibiting positive momentum on the hourly charts while prices have closed comfortably above the falling trend line resistance near 4925.
Hence current rally is likely to extend and the index could test the next resistance near 5034 in the session ahead. Any gains above it find next resistance near 5087.
On the downside, 4932 and then the 40-hour EMA near 4890 act as supports to keep the current positive tone intact. Early close below 4890 will prompt for a revisit of August low of 4720 negating the possibility of any further gains," said Aditya Birla Money report.
At 9:40 am; the Nifty was at 5038.20, up 58.60 points or 1.18 per cent. The broader index touched a high of 5045.10 and low of 5016.35 in trade so far.
Bombay Stock Exchange's Sensex was at 16754.01, up 196.78 points or 1.19 per cent. The 30-share index touched intraday low of 16668.15 and high of 16774.12.
BSE Midcap Index was up 1.36 per cent and BSE Smallcap Index gained 0.98 per cent.
BSE Bankex was up 1.81 per cent, BSE Realty Index moved 1.74 per cent higher and BSE Capital Goods Index advanced 1.66 per cent. BSE IT Index was down 0.25 per cent.
Bharti Airtel (4.41%), Hindalco Industries (3.07%), Axis Bank (2.64%), Reliance Infrastructure (2.35%) and Bajaj Auto (2.18%) were amongst the major Nifty gainers.
Shares of Bharti Airtel moved higher after the Telecom Minister Kapil Sibal unveiled the draft of New Telecom Policy. As per the draft, telecom users will be able to avail free roaming and keep their phone numbers even if they switch service providers anywhere in the country.
The distinction between local and STD calls would vanish, as the policy aims at a 'one-nation-one-licence' regime. Telecom operators would not require separate licences for operations in various parts of the country and a single licence would suffice.
ONGC (-1.53%), Infosys Technologies (-0.96%), Hindustan Unilever (-0.20%) and Maruti Suzuki (-0.14%) were the only losers.
Market breadth was positive on the NSE with 2135 gainers against 1162 losers.
The Asian markets were also witnessing a rally as sentiments turned positives on hopes that European nations are taking firm steps to handle euro zone debt crisis. Hang Seng rallied 3.26 per cent, Nikkei 225 was up 2.03 per cent, Kospi gained 1.99 per cent and Taiwan Weighted moved 2.28 per cent higher.
Name-Deepak kumar jha
Pgdm (2010-12) 3rd sem
According to dealers, the near term trend looks bullish and the benchmarks may continue with their upward momentum.
"Oscillators RSI (14) and MACD (12/26/9) are exhibiting positive momentum on the hourly charts while prices have closed comfortably above the falling trend line resistance near 4925.
Hence current rally is likely to extend and the index could test the next resistance near 5034 in the session ahead. Any gains above it find next resistance near 5087.
On the downside, 4932 and then the 40-hour EMA near 4890 act as supports to keep the current positive tone intact. Early close below 4890 will prompt for a revisit of August low of 4720 negating the possibility of any further gains," said Aditya Birla Money report.
At 9:40 am; the Nifty was at 5038.20, up 58.60 points or 1.18 per cent. The broader index touched a high of 5045.10 and low of 5016.35 in trade so far.
Bombay Stock Exchange's Sensex was at 16754.01, up 196.78 points or 1.19 per cent. The 30-share index touched intraday low of 16668.15 and high of 16774.12.
BSE Midcap Index was up 1.36 per cent and BSE Smallcap Index gained 0.98 per cent.
BSE Bankex was up 1.81 per cent, BSE Realty Index moved 1.74 per cent higher and BSE Capital Goods Index advanced 1.66 per cent. BSE IT Index was down 0.25 per cent.
Bharti Airtel (4.41%), Hindalco Industries (3.07%), Axis Bank (2.64%), Reliance Infrastructure (2.35%) and Bajaj Auto (2.18%) were amongst the major Nifty gainers.
Shares of Bharti Airtel moved higher after the Telecom Minister Kapil Sibal unveiled the draft of New Telecom Policy. As per the draft, telecom users will be able to avail free roaming and keep their phone numbers even if they switch service providers anywhere in the country.
The distinction between local and STD calls would vanish, as the policy aims at a 'one-nation-one-licence' regime. Telecom operators would not require separate licences for operations in various parts of the country and a single licence would suffice.
ONGC (-1.53%), Infosys Technologies (-0.96%), Hindustan Unilever (-0.20%) and Maruti Suzuki (-0.14%) were the only losers.
Market breadth was positive on the NSE with 2135 gainers against 1162 losers.
The Asian markets were also witnessing a rally as sentiments turned positives on hopes that European nations are taking firm steps to handle euro zone debt crisis. Hang Seng rallied 3.26 per cent, Nikkei 225 was up 2.03 per cent, Kospi gained 1.99 per cent and Taiwan Weighted moved 2.28 per cent higher.
Name-Deepak kumar jha
Pgdm (2010-12) 3rd sem
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