Indian Markets may gain momentum - Microsec

Indian Equity markets closed flat after a sharp rally yesterday as gung ho over fiscal cliff deal cools off.

Nifty closed at 6009.50 up by 16.25points or 0.27% over the previous day closing of 5993.25 after witnessing a low of 5986.55 and a high of 6017.00. Sensex closed at 19764.78 up by 50.54 points or 0.26% over the previous day closing of 19714.24. It touched an intraday low of 19693.29 and high of 19786.30.

The markets' breadth was mixed. Out of 3101 stocks traded, 1713 stocks advanced, 1263 stocks declined and 125 stocks remained unchanged. In Sensex, Out of 30 stocks 14 stocks advanced and 16 stocks declined.

Among the sectors, BSE Oil &Gas, BSE Teck and BSE IT were the main gainers of the day, which increased by 1.37%, 1.32% and 1.10% respectively. In BSE Oil & Gas sector Cairn India, Videocon Inds and Whirlpool increased by 2.34%, 1.95% and 1.51% respectively. In BSE Teck sector Hexaware Tech, Rcom and Idea advanced by 5.04%, 4.65% and 4.25% respectively. In BSE IT sector Mphasis, Infy and TCS increased by 1.37%, 1.24% and 1.24% respectively.

Indian Markets may gain momentum owing to the somewhat mitigation of fiscal cliff issue for the time being. Along with this the auto companies are going to come out with their monthly sales auto data. Going forward the market is started to move along with the Q3 corporate earnings and the RBI's stance in its third-quarter monetary policy review. India's services PMI data is scheduled during the week and the market will keep an eye on this also. BUY on dips ICICI Bank, NMDC, LICHF, Hindalco, Sterlite. BUY IL&FS Transportation, Pidilite, Cera Ceramics, Eros International, Apollo Tyres, Madras Cement, Aditya Birla Nuvo, Blue Star, Sesa Goa, Sundaram Clayton, NBCC for investment.

Source : Equity Bulls

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