Indian Markets gain later in the day - ZENMoney

Domestic indices opened the day on a positive note following the positive statement of US Federal Reserve chairman suggesting that the stimulus policies may continue for longer than expected. However, markets saw some consolidation by noon session on the back of profit booking. Markets witnessed gains post afternoon session with heavy buying witnessed in front liners and in particular banking index. Investors' sentiments remained unbeaten even after global financial services firm Macquarie lowered India's growth forecast for this fiscal to 5.3% from 6.2% estimated earlier citing significant capital outflows and rupee depreciation. Markets ended the day with gains.

On a sectoral front, all the sectors traded in green with Realty and Banking sectors standing as top gainers of the day followed by Consumer Durables, Capital Goods, Oil&Gas, Power, FMCG, Health Care, Tech, Metal, IT and Auto sectors. Banks which were in red for most part of the day's trade witnessed buying interest after posting better results by leading private banks like Axis and Kotak Mahindra.

Domestic indices are likely to open sideways tracking global market movement and are will remain volatile thereafter tracking domestic cues. Improving optimism about recovery in US will keep global market sentiments positive.

On the domestic front, the ongoing corporate earning will be the key to the market movement today as big names such as RIL, Bajaj Auto, Federal Bank, CRISIL, HDFC, NIIT, Hexaware, Hindustan Zinc etc. are set to announce their results. Stock specific action is likely to be witnessed in these counters based on the outcome of the results.

Despite RBI's sharp measures to stem its flow, Rupee has not appreciated much in the past two days. The Indian currency is likely to remain weak in the short term due to weak domestic factors and uncertain global cues.

Crude continues to soar, rising to a 15 month high as improving economic indicators from the US raises optimism of recovery in the economy. Any further rise in the crude prices may have major repercussions on the Indian economy.

FIIs continued to pump out money from the Indian markets. As per provisional figures, they net sold equities worth Rs 178.3 crore on Thursday. Unless there is some pick up in the FII flows, the market is unlikely to witness any meaningful recovery.

For the Nifty 6068, 6098, 6175 are the immediate resistance levels, while 5991, 5944, 5868 are its immediate support levels.

For the Sensex, 20219, 20308, 20529 are the immediate resistance levels, while 19997, 19866, 19645 are its immediate support levels.

Source : Equity Bulls

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