Nifty moves above 5,950; Cipla, L&T, Ranbaxy gain

The Nifty was comfortably placed above 5,950 level on Tuesday as buying activity picked up in major sectoral indices such as healthcare, capital goods, oil & gas and power stocks. According to analysts, the market trend is weak and traders should choose 'sell on rise' strategy and book profits.  At 11:00 a.m.; the 50-share index was at 5,962.95, up 23.65 points or 0.40 per cent. It touched a high of 5,981.60 and a low of 5,932.85 in trade today.  The S&P BSE Sensex was at 19,675.09, up 64.61 points or 0.33 per cent. It touched a high of 19,742.70 and a low of 19,576.18 in trade today.

 "For the day, support at 5,910 is crucial. As long as it holds, the index could consolidate and witness an up move towards 5,970-5,980 levels. On the other hand, failure to hold above 5,900 would lead to the down trend continuing towards 5,850 levels. While Daily momentum has been declining, weekly momentum has given a negative crossover at over bought zone thus adding to the bearish outlook," said an Aditya Birla Money BSE -3.23 % report.  "Only a decisive breach and sustenance above 6,060 would negate the bearish view and turn the sentiment positive towards 6,150-6,170," the report added.  The S&P BSE Midcap Index was up 0.47 per cent and the S&P BSE Smallcap Index gained 0.64 per cent.  The S&P BSE Healthcare Index was up 1.58 per cent, the S&P BSE Capital Goods Index was 1.57 per cent higher, the S&P BSE Oil & Gas Index advanced 0.76 per cent and the S&P BSE Power Index moved up 0.60 per cent. The S&P BSE IT Index was down 0.69 per cent. Cipla BSE -0.84 % (2.84 per cent), Larsen & Toubro (2.53 per cent), Ranbaxy Laboratories BSE -0.96 % (2.24 per cent), Dr Reddy's Laboratories (1.71 per cent) and IDFC (1.64 per cent) were among the major Nifty gainers.

 Sesa Goa (1.21 per cent), Infosys BSE -0.65 % (0.96 per cent), TCS (0.89 per cent), HCL Tech (0.68 per cent) and UltraTech BSE -1.12 % Cement (0.67 per cent) were among the top index losers.  The market breadth was positive on the NSE with 766 gainers against 462 losers.  The rupee opened at 56.56 per dollar after closing at 56.76 levels yesterday. It pared some of the opening gains and slipped to 56.64 per dollar.  Foreign institutional investors sold shares worth Rs 86.67 crore while domestic institutional investors sold equities worth Rs 71.81 crore on Monday as per the provisional data from the National Stock Exchange (NSE).  Asian markets were witnessing a mixed session. The Shanghai Composite fell 1.16 per cent, the Hang Seng was 0.06 per cent lower and the Seoul Composite slipped 0.13 per cent. The Nikkei 225 rallied 1.98 per cent.

Source : Economic Times