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Thursday Market Update: Market Gains For Second Session, One97, Asian Energy Shine
Wednesday too continued to be a good day for the share market, as the BSE Sensex and NSE Nifty extended their gains for the second-straight session. The experts say that this bullish trend may continue for the next few days
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Wednesday too continued to be a good day for the share market, as the BSE Sensex and NSE Nifty extended their gains for the second-straight session on Wednesday. The Sensex closed at 58,214.59 after a gain of 139.91 points, while the Nifty closed at 17,151.90 following a jump of 44.40 points. The experts say that this bullish trend may continue for the next few days.
The Big Gainers
Asian Energy Services was amongst the big gainers of the day. Trading at Rs 106.15, it saw a jump of 8.04 per cent on Wednesday. In the last 5 days, it has seen a gain of 31.13 per cent.
One 97 Communications jumped by 7.12 per cent and traded at Rs 625.50. In the last 5 days, it has given 10.36 per cent returns.
Shares of Emami saw a gain of 6.20 per cent and is available at Rs 366.40. Its growth has been slow but still in the last five days, it has gained 1.47 per cent.
Bullish Stocks For The Day
As per the momentum indicator MACD, there are some stocks that are showing bullish signals. These include Reliance Capital, Ashok Leyland, Sun Pharma and ICICI Bank. Let us look at the performance of these stocks.
Reliance Capital was up by 3.89 per cent and trading at Rs 9.35. Ashok Leyland is available at Rs 138 after a gain of 1.92 per cent. It has gained 0.22 per cent in the last 5 days.
Sun Pharmaceutical saw a gain of 1.63 per cent and traded at Rs 971.80. ICICI Bank is available at Rs 858.15 following a gain of 0.67 per cent.
Expert Speak
Shrikant Chouhan, head of equity research (retail), kotak securities
The benchmark indices witnessed range bound activity. The nifty ended 39 points higher while the Sensex was up by 148 points. Among Sectors, buying interest was seen in Pharma and PSU Banks stocks whereas intraday profit booking was seen in Media and Reality stocks. Technically, after a gap up opening the market witnessed profit booking at a higher level. However, the intraday formation is still on the positive side. We are of the view that, for the traders now 17100/58050 would act as a sacrosanct support zone. above the same, the market could move up to 17300-17325/58500-58700. On the flip side, below 17100/58050 selling pressure is likely to accelerate. Below the same, the index could retest levels of 17000-16900/57700-57600.