Nifty extends gain; market breadth too strong

The 50-share NSE Nifty has extended gains at 14:35 hours, with the trading above the 5900 level on the back support from all major sectors like oil & gas, capital goods, financial, technology and auto. The Sensex too gained nearly 300 points.

Volume was low for the second consecutive day in the April series but the put-call ratio went up to 1.45 from 1.33. The Nifty April futures were trading at 37 points premium.

Nifty 5900 Put has added 15 lakh shares in open interest, suggests put writing which was positive indicator. Nifty 6100 call added 2.5 lakh shares in open interest.

The rally was despite rising crude oil prices in international market and quiet European markets. London Brent crude was trading at USD 119.7 a barrel.

About eight shares advanced as against one share declined on the National Stock Exchange. The Nifty rallied 59 points to 5,915 and the Sensex surged 296 points to 19,717.

Largecaps like TCS, Infosys, HDFC Bank, BHEL and L&T moved up 2-3%. Reliance Industries, ONGC, SBI, ICICI Bank, ITC, Wipro and Bharti Airtel gained 1-1.5%.

The broader indices too were strong - the BSE Midcap Index rose 1.7% and Smallcap jumped nearly 3%.

In midcap space, Patel Engg shot up 16%. Fresenius Kabi, SRF, Future Capital and Alfa Laval gained 8-11%. However, Himadri Chemical, Indian Metals, Rajesh Exports, Kalpataru Power and Godfrey Phillip lost 2-11%.

In smallcap space, OM Metals Infra, PI Industries, English India, CCL Products and Vascon Engg surged 14-18% while Elantas Beck, Bhansali Engg, R M Mohite, Dion Global and Emami Paper fell 5-6%.

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Nifty hits 5900; BHEL zooms on Q4 numbers

Indian equity benchmarks strengthened further - the Sensex added more than 200 points at 13:20 hours on the back of action in infrastructure, technology, financial, oil & gas, auto and metal companies' shares. Even the Nifty has touched the 5900 level though there has been some selling pressure at higher levels.

The Nifty could see levels of 6,000, says Ambareesh Baliga, COO, Way2Wealth.