The Indian stock market gained  for a third day with benchmarks extending their two-month high lead as some investors assessed that the impact of the demonetisation may be factored in and take positions ahead of the Union Budget early next month.

NSE Nifty was up 26.55 points or 0.3 percent at 8407.20, while BSE Sensex ended up 106.75 points or 0.4 percent at 27247.16.

Broader markets remained underperformers throughout the day where midcap closed 0.2% higher while small cap retreated to close lower by 0.2%.

On the sector specific front, IT surged the most with 1.8% gains, driven by heavy weight Infosys gaining 3%.

On the contrary, the FMCG sector plunged 0.9% where the giants HUL, ITC, UBL and Tata Global posted 1% losses each.

Pharma too closed 0.5% down but recovered in the afternoon session from day’s low. Power stocks were charged wherein NTPC, Power Grid remained the top Nifty gainers while Telecom major Idea and Pharma major Lupin were the top losers for the Nifty.

Going forward, we hold 8460 followed by 8511 as the next major resistance while 8390-8380 followed by 8300 as the major support for Nifty. We keenly await Infosys’ results in tomorrow’s session.

Infosys: The stock was the biggest contributor to the index gains throughout the day holding the markets steady. The stock closed up by more than 3%.

L&T: One of the top contributors to the index gains, L&T remained in green throughout the session in line with the Capital Goods Index.

NHPC: The power stock was buzzing on bourses as the company declared a dividend of Rs 1.70 per share.

Coal India: The stock underperformed markets despite the reports that it might increase the thermal coal pricing.

Power Grid: The stock was one of the top gainers in the index reaching new highs in today’s trade, rising than 4%.

The rupee was trading at 68.07 against the US dollar.

Out of 1,908 stocks traded on the NSE, 918 declined, 679 advanced and 311 remained unchanged today.

Top 5 Nifty Gainers: NTPC (5.84%), Infosys Ltd. (3.51%), L&T (2.42%), CIPLA (1.50%) and Wipro (1.47%).

Top 5 Nifty Losers: Lupin Ltd. (-1.87%), Hindustan Unilever (-1.67%), Dr. Reddys Lab  (-1.23%), M&M (-1.18%) and Coal India (-1.15%)

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The Indian stock market opened higher for second straight day to a two-month high on Wednesday. Sentiments remained bullish with Prime Minister Narendra Modi’s statement that India is on threshold of becoming most digitised economy in the world.

NSE Nifty is trading higher by 93 points at 8,381 mark., while BSE Sensex surged by 241 points at 27,140.

IndusInd Bank rules the sectoral index i.e. BSE Bankex on Wednesday by gaining more than 4% on intraday basis. HDFC Bank and ICICI Bank are contributing heavily to the BSE Bankex which is up by 1.75% trading at 21,404 levels.

Some buying was observed in metal, Banking, media, financial services, FMCG and realty sectors, while IT stock showed weakness on NSE.

The INDIA VIX was down 3.4% at 14.68..

Suzlon Energy rallied 3% after the company bagged an order for 226 MW wind power project in Andhra Pradesh. This was awarded by a leading IPP company.

Tata Consultancy Services Ltd is currently trading at Rs 2294.55, down by Rs 20.9 or 0.9% from its previous closing of Rs 2315.45 on the BSE. The IT Company will announce its Q3 results on Jan 12, 2017.

With markets trading firm and trading in green housing finance companies are soaring on bourses by recording impressive gains. Tamil Nadu based Repco Homes is buzzing with gains of more than 4.5% on Wednesday’s session. DHFL is up by more than 3%, GRUH finance is up by more than 2.4% whereas India bulls housing finance is up by more than 2%.

Along with the housing finance companies other finance companies such as Shri Ram Transport Finance is up by more than 3% and Mannapuram Finance is up by more than 2.8%.

Market is recovering from the demonetisation blues after it was widely expected that the harsh policy decision on monetary front by banning Rs 500 and Rs 1000 notes will have a negative impact on the health of the Indian economy.

Nifty Metal is Wednesday’s leading index across sectoral indices. Nifty Metal opened today at 2855.20, gaining 0.75%. It is currently trading up by 2.84%. Following are the top stocks from Metal sector today: JSW Steel has touched its 52-week high today at Rs 191.15, gaining 7.11%. Gujarat based, large diametre pipes manufacturer, Welspun Corporation is also in focus today. Welspun has gained 0.6% at the time of opening. It is currently trading up by 1.85% at Rs 82.65.

India’s largest manufacturer of Auto-grade steel, Bhushan Steel Limited has touched high of Rs 45.65, gaining 7.28%. The company’s revenues have been growing at an average rate of 5% over the last five years.

Steel Authority of India Limited (SAIL) has touched a high of Rs 55.45, gaining 4.92%. The stock is near its 52-week high of Rs 56.10. It is currently trading up by 3.88%. SAIL has witnessed spurt in volumes by 1.02 times. Its revenues has grown at an average of 10% over the last five quarters.

The rupee was trading at 68.25 against the US dollar.

Out of 1,902 stocks traded on the NSE, 456 declined, 1,055 advanced and 391 remained unchanged today.

Top 5 Nifty Gainers: Coal India (5.56%), Tata Steel (3.85%), Lupin Ltd. (2.24%), ICICI Bank (1.81%) and SBI (1.53%).

Top 5 Nifty Losers: Bajaj Auto (-1.09%), ITC Ltd. (-0.76%), Reliance Ind. (-0.47%), Wipro (-0.31%) and Infosys Ltd. (-0.16%)

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Indian benchmark indices snapped two days losing streak and closed at two months high.  

Post the sideways movement till the afternoon session Indian markets broke out in the concluding half an hour where Nifty and Sensex closed 0.65% up at 8289 and 26900 levels respectively. 

Broader markets maintained out performance where mid cap and small cap indices closed 0.8% and 0.7% higher. Market bias remained positive with 1662 advances and 1151 declines.

NSE Nifty jumped 52.55 points to 8288.60, while BSE SENSEX surged 173.01 points to 26899.56.

BSE Metal and BSE Industrials were the top performers with the indices gaining by 1.42% and 1.57%.

PSU Bank Index gained impressively even as all sectoral indices close in green indicating a broad-based rally in markets today

BSE consumer durables and BSE Auto were the other sectoral index that gained more than 1% on Tuesday.

Tata motors, Adani Ports, Tata Steel, Asian Paints, HDFC Bank, GAIL, ICICI Bank and Hero moto Corps were the stocks that gained more than 1% in today’s session. Tata Motors and Adani Ports were the top performers clocking more than 3% gains each.

Nifty traded near 8294 levels and closed just below the crucial level at 8289. Nifty has managed to close above its 200 days EMA at 8242.

Going forward the immediate resistance at 8298-8300 levels remain intact which is also its 100 days EMA level. On the downside 8260 followed by 8228 will act as the immediate supports for now.

IndusInd bank: The stock traded volatile owing to the results declared on Tuesday. The other income was up by 21% at Rs 1,017 crore, Net profit is up by 29% and NII is up at 34% The Gross NPAs were up at 0.94% vs 0.90% (YoY)

MRF/ CEAT/ Apollo Tyres/ JK Tyres: Tyres stocks sizzled on bourses in the second half of the day closer to the market closing hour. The stocks gained in the range of 3.8% to 6%.

Tata Motors: The stock was the highest gainer in Sensex today.

BEL: The stock gained momentum once the reports came out of the stocks going to be split on January 27.

ABB: The stock was in news today as the company is expected to team up with Power grid for a project worth over 4350 Crore.

The rupee was trading at 68.18 against the US dollar.

The market breadth was in favour of advances. About 1658 shares advanced against 1142 declining shares on the Bombay Stock Exchange.

Top 5 Nifty Gainers: Tata Motors (3.24%), Adani Ports & Sez (3.09%), Tata Steel (2.12%), Asian Paints (1.72%) and HDFC Bank (1.68%).

Top 5 Nifty Losers: Axis Bank (-1.25%), Dr. Reddys Lab (-0.64%), ONGC (-0.50%), Lupin Ltd. (-0.49%) and NTPC (-0.43%)

To qualify NCFM Capital Market Dealers Module certification examination, register with Intelivisto.com and buy Capital Market comprehensive question bank which features mock test, chapter-wise and full length test as per NCFM standards. It also includes performance analysis tools to analyze the performance. For more information call on: +91-9891224488.