The market extended its winning streak for the eighth consecutive session on April 12, ahead of the announcement of retail inflation data and Tata Consultancy Services' fourth quarter earnings.
At close, the Sensex was up 235.05 points or 0.39 percent at 60,392.77, and the Nifty was up 90.10 points or 0.51 percent at 17,812.40.
Amid mixed global cues, the Indian indices started the day on a flat note and picked up the pace as the day progressed. However, the indices managed to close near the day's high supported by information technology, auto and pharma names.
"The domestic market exhibited cautiousness in anticipation of the release of various economic data and the upcoming Q4 earnings season. The IT sector drove the optimism in the market as investors await the earnings releases of sector majors," said Vinod Nair, Head of Research at Geojit Financial Services.
"Despite expectations of a cooling down of CPI inflation to below the RBI's upper tolerance level, the persistence of sticky core inflation remains a concern," he added.
Stocks and Sectors
Divis Labs, Bajaj Auto, Adani Enterprises, Dr Reddy’s Laboratories and Eicher Motors were among the biggest gainers on the Nifty, while losers were Power Grid Corp, NTPC, Nestle India, ONGC and UltraTech Cement.
| Index | Prices | Change | Change% |
|---|---|---|---|
| 60,392.77 | 235.05 | +0.39% | |
| Nifty 50 | 17,812.40 | 90.10 | +0.51% |
| Nifty Bank | 41,557.95 | 191.45 | +0.46% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Divis Labs | 3,212.10 | 284.75 | +9.73% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Power Grid Corp | 227.30 | -4.05 | -1.75% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Pharma | 12574.20 | 274.20 | +2.23% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 3750.25 | -24.10 | -0.64% |
Auto, pharma, and information technology indices were up 1-2 percent, while some selling was seen in the FMCG and Capital Goods names.
The BSE midcap index added 0.5 percent and smallcap index rose 0.4 percent.
More than 100 stocks touched their 52-week high on the BSE, including Bajaj Auto, Dr Reddy's Laboratories, Zydus Lifesciences, Anant Raj and Cyient.
A long build-up was seen in Divis Laboratories, Metropolis Healthcare and Laurus Lab, while a short build-up was seen in ABB India, Cholamandalam Investment and Finance Company and Power Grid Corporation of India.
Among individual stocks, a volume spike of more than 400 percent was seen in Divis Laboratories, Laurus Lab and Lupin.
Outlook for April 13
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas:
The Nifty continued with positive momentum and closed with gains for the eighth consecutive trading session. On the daily chart, we can observe that the Nifty has been stretching higher along the daily upper Bollinger band, which is now expanding, and this should be considered as a positive sign.
The upmove in the front-line index has also been accompanied by participation in the broader market, which is also a sign of change in sentiment. The Nifty is currently trading above the 20-week moving average (17,789) and tomorrow if it manages to close above this level then it will further add to the bullishness.
The best strategy to trade such an upmove is to hold on to the long positions with a trailing stoploss mechanism. For current long positions, one can keep it at 17,700, which is around today’s low. As the short-term target of 17,800 has been achieved we have raised it to 18,000.
Rupak De, Senior Technical Analyst at LKP Securities:
The Nifty remained volatile during the day, with a predominately bullish bias. On the daily chart, the index has remained above the channel breakout, suggesting a positive reversal.
The daily momentum indicator RSI is in bullish crossover and rising.
The market will remain a buy on dips as long as the index remains above 17,700. On the higher end, the rally may extend towards 17,900/17,970.
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