Nifty surges above key resistance level of 6000 on Friday - LuvKush Finserve

Markets ended on a positive note with Nifty surging above the key resistance level of 6,000 on Friday after Infosys, the company with fifth-highest weightage on the Sensex defied analysts' estimates and posted steady dollar revenue growth for fiscal 2014.

Sentiments improved further after country's trade deficit narrowed in June to $12.24 billion from a 7-month high, helped by a slowdown in gold imports, which should ease pressure on the current account balance and the beleaguered rupee. Mirroring the optimism, the Sensex ended higher 282.41 points at 19,958.47 and the Nifty rose 73.90 points at 6,009 levels.

Indian rupee, however, played spoilsport and extended its fall to below 60 per dollar levels on Friday, weighed down by heavy demand for dollars from importers, particularly oil companies, according to dealers. The partially convertible rupee was trading at 60.071/08 per dollar at 3:40 pm, compared with its previous close of 59.6750/6850.

Among the key sectoral indices, IT, technology, capital goods, power and healthcare gained with consumer durables, auto, realty, FMCG sectors dropped on the BSE. The broader markets ended mixed with mid-caps inching up by 0.02 per cent while small-caps shed 0.2 per cent on the BSE.

Source : Equity Bulls

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