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Defying the sulking trade-pattern in the Asian markets and positive expectations over the industrial production outlook, the equity benchmark indices were up on fresh buying in metal and PSU stocks on Friday.

Bombay Stock Exchange’s Sensex was up 0.24 per cent while the broad-based National Stock Exchange’s Nifty advanced 0.29 per cent.

BSE Midcap Index surged 0.42 per cent and BSE Smallcap Index moved 0.64 per cent higher.

Sectorwise, BSE IT Auto Index was up 0.78 per cent and BSE Realty Index advanced 0.64 per cent higher. BSE Consumer Durables Index (down 0.13 per cent) and BSE IT Index (down 0.04 per cent) were trading in the negative territory.

Biggest Sensex gainers comprised M&M (1.95 per cent), Hindalco Industries (1.75 per cent), Bharti Airtel (1.33 per cent), Tata Power (1.22 per cent) and Sterlite Industries (India) (1.15 per cent).

The losers were Hindustan Unilever (-1.38 per cent), HDFC Bank (-0.64 per cent), Infosys Technologies (-0.39 per cent) and NTPC (-0.22 per cent).

“Markets are bullish in medium-term perspective but is taking time to break the resistance levels. Nifty can touch 5300 levels if it sustains above the psychological levels of 5150 and we can expect 17,500 levels at Sensex in a short-term”, said Rajesh Jain, VP and head of research at SMC Global Securities.

This sideways trade in the markets is due to the struggling Asian markets. Japanese Nikkei edged higher by 0.4 per cent on speculation that the Bank of Japan may lose the monetary policy, Kospi was up by 0.11 per cent but KLSE was down by 0.6 per cent while Straits, Taiwan Weighted, Hang Seng and Shanghai Composite were hovering in the positive to negative territory.

In US markets, S&P 500 added 0.43 per cent and closed at 17 month high at near 1150. Dow advanced by near 0.42 per cent while Nasdaq Composite was up by around 0.4 per cent.

article source:  profit.ndtv