Sensex holds above 18,000 on realty push
MUMBAI: After breaching the 18K mark Sensex continued to hold above the level but seemed to lose momentum and was moving sideways. Meanwhile, realty stocks pushed ahead to take the lead from metals, followed by banking. IT stocks continued to remain weak post Infosys Q1 results but were off lows. In Asia, stock indices were trading higher on the back of Wall Street gains. Japan’s Nikkei was up 2.47 per cent, Topix higher by 1.86 per cent, Korea’s Kospi added 1.38 per cent, Hong Kong’s Hang Seng advanced 0.99 per cent and Singapore’s Strait Times Index looked up 0.46 per cent. At 10:16 am, Sensex traded at 18,099.25, up 113.35 points or 0.63 per cent. The Bombay Stock Exchange sensitive index had opened at 18,024.95 against the previous close of 17,985.90. The 30-share index touched a high of 18,167.22 earlier. Nifty was at 5435.45, up 34.8 points or 0.64 per cent. The National Stock Exchange benchmark opened at 5402 versus Tuesday’s close of 5400.65 and moved higher to touch 5453.45. The 50-share index saw a low of 5401.30. Nifty support has shifted to 5400 levels (which was earlier crucial resistance for the market). On the downside if it falls below these levels then only selling pressure may be seen in the market. On the upside if Nifty sustains above 5450 levels with volume support then it may give up move in the market towards 5500 levels which is the next psychological resistance level,” said broking firm Anand Rathi.
In its morning note, HDFC Securities said, “Important resistance to watch out for on the Nifty is 5,475. Realty and metal stocks could outperform today. IT stocks could underperform.” Top Sensex gainers were HDFC (2.25%), DLF (1.93%), HDFC Bank (1.80%), Hindalco (1.75%), Reliance Infra (1.65%), State Bank of India (1.53%), Tata Steel (1.37%), Bharti Airtel (1.33%), ACC (1.31%), Hero Honda (0.97%), Tata Motors, TCS, NTPC. Losers comprised Infosys Technologies (-0.40%), Hindustan Unilever (-0.25%) and Tata Power (-0.03%). Earlier Tuesday, the US markets surged on Alcoa’s better-than-expected second-quarter net profit of $136 million, against a loss of $454 million year ago. Investor sentiment also got a boost from a well-received government bond auction by Greece. The ailing country received bids for Euro 1.625 billion of the Euro 1.25 billion of 26-week bills on offer at yield of 4.65 per cent. The Dow Jones Industrial Average added 1.44 per cent, S&P 500 rose 1.54 per cent and Nasdaq Composite Index shot up 1.99 per cent.
