Markets zooms; Metals shine & Banks gain

India Infoline News Service | Mumbai | January 11, 2017 15:47 IST

With an exuberant start to the session, both Nifty and Sensex closed higher gaining 84 and 219 points from the previous close.

With an exuberant start to the session, both Nifty and Sensex closed higher gaining 84 and 219 points from the previous close.
 
Broader markets outperformed the Sensex where small-cap and mid-cap gained 0.98% and 1.37%. The market bias remained positive with 1726 advances and 1079 declines, however the ratio declined to 1.5:1 from 2:1 earlier.
 
The momentum was majorly driven by metal stocks followed by Banks closing 4% and 2% higher respectively. Metal index rose on account of rise in international coking coal prices and China’s expected cut down of steel output in the next fiscal.
 
Moreover, banks remained buoyed taking cues from IndusInd Bank posting strong Q3 results.
 
IT sector remained subdued but recovered from day’s low and closed flat. IndusInd Bank, Hindalco and Coal India grabbed the top position in Nifty50 stocks while Baja Auto, ITC and HCL TECH remained the frontline losers.
 
Nifty managed to close above its 100 days EMA level of 8300 and hence we may expect some more upside from here. Going forward, if Nifty breaks above 8380 on closing basis we hold 8460 followed by 8510 as the near-term resistances. If 8300 is broken on the downside we hold 8275-8230 as the supports.
 
Tata Steel: The stocks sizzled even as reports on Chinese steel companies reducing its steep output surfaced in markets in the early hours of the trading session.
 
Hindalco: The metal stocks shines in line with the sectoral index i.e BSE Metal index along with the broader markets.
 
Coal India: The stocks is one of the top gainer gaining by 5.17% on Wednesday. The stock gained as the reports of coal price hike emerged in the second half of the trading session.
 
Bank of Baroda: The stock traded above its 200-DMA on Wednesday which indicates the long term bullish trend. The stock was up by more than 4% trending up in line with the markets.
 

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