The benchmark Sensex added nearly 200 points in trade today at 12 hours, supported by heavyweights like Infosys, TCS, Wipro, L&T, NTPC, ONGC, ITC, HDFC, HDFC Bank, ICICI Bank and Bharti Airtel. However, indices were seeing some profit booking at higher levels.
Most of the negatives were already there in the price, says Abhijit Chakraborty, Fortune Financial.
"The recent firmness in the market is because on ground the corporate earnings, for this quarter, are looking up for some of the sectors which have not done too well in the past. Large sectors like banking, which contributes about 23-24% of the Nifty weightage, are likely to see improvement in earnings because of high credit growth. The NIMs could be also maintained at this level," he explained.
However on the upside, he said, the cap would definitely be there because of the high oil prices and the fear of interest rate hikes as inflation is not showing signs of moderating soon. "RBI policies will be watched. There is a likelihood that interest rates would go up. Oil and interest rates are the reasons that could keep the market capped around 5,650-5,700."
The 30-share BSE Sensex gained 182 points at 18,532 and the 50-share NSE Nifty went up 52 points to 5,574. The Nifty April futures were trading at 15 points premium.
Asian markets remained in a positive terrain on rally in US markets yesterday, which was quite supportive for Indian markets. Shanghai, Hang Seng, Nikkei, Straits Times and Kospi were up around 1%. Taiwan gained just 0.4%.
Among largecaps, Infosys, Wipro, L&T, DLF, TCS and Axis Bank were the top gainers on exchanges, with gaining 2-3%.
However, Cipla, Maruti Suzuki, GAIL, Ranbaxy Labs, Power Grid Corp and Siemens were only top losers.
Lovable Lingerie, Tata Coffee, Fineotex Chemical, LIC Housing Finance, Infosys, ICICI Bank, L&T and SBI were the most active shares on exchanges.
Most of the negatives were already there in the price, says Abhijit Chakraborty, Fortune Financial.
"The recent firmness in the market is because on ground the corporate earnings, for this quarter, are looking up for some of the sectors which have not done too well in the past. Large sectors like banking, which contributes about 23-24% of the Nifty weightage, are likely to see improvement in earnings because of high credit growth. The NIMs could be also maintained at this level," he explained.
However on the upside, he said, the cap would definitely be there because of the high oil prices and the fear of interest rate hikes as inflation is not showing signs of moderating soon. "RBI policies will be watched. There is a likelihood that interest rates would go up. Oil and interest rates are the reasons that could keep the market capped around 5,650-5,700."
The 30-share BSE Sensex gained 182 points at 18,532 and the 50-share NSE Nifty went up 52 points to 5,574. The Nifty April futures were trading at 15 points premium.
Asian markets remained in a positive terrain on rally in US markets yesterday, which was quite supportive for Indian markets. Shanghai, Hang Seng, Nikkei, Straits Times and Kospi were up around 1%. Taiwan gained just 0.4%.
Among largecaps, Infosys, Wipro, L&T, DLF, TCS and Axis Bank were the top gainers on exchanges, with gaining 2-3%.
However, Cipla, Maruti Suzuki, GAIL, Ranbaxy Labs, Power Grid Corp and Siemens were only top losers.
Lovable Lingerie, Tata Coffee, Fineotex Chemical, LIC Housing Finance, Infosys, ICICI Bank, L&T and SBI were the most active shares on exchanges.
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