Nifty may trade between 6160-6060: Magnum

Magnum’s report on Indian markets-

Indian market continued its aggressive buying in the two hour special trading session. The 50-share Nifty benchmark closed above the key 6,100 mark for the first time since January, 2011 on Saturday. The BSE Sensex ended above the 20,100 mark. NSE Nifty ended the day at 6107.25, up 12.50 points while the Sensex surged 60.28 points to close at 20142.90. Autos, FMCG, consumer durables and banking stocks led the rally. Dr Reddy’s Lab, Sun Pharma, Sterlite Industries, Coal India and Cipla were the biggest gainers in the Sensex. Meanwhile, NTPC, TCS, Infosys, BHEL and HDFC were the major losers in the Sensex.

Posting their strongest four week rally in the current calender year, the benchmark BSE Sensex and NSE Nifty closed at 28-month high during the extended week under review on the back of across-the-board buying triggered by firm global cues amid consistent foreign fund inflows despite some negative factors. Improvement in industrial production in March and Congress' impressive victory in Karnataka Assembly polls also contributed in improving the market sentiment. 

US Stocks finished modestly higher Friday with major indexes posting their third week in positive territory and the Dow and S&P 500 closing at new record highs. Currency moves dominated trade in Asian stock markets on Monday as a weaker yen took Japan's benchmark index to fresh multiyear highs while the rest of Asia's equity markets were cautious ahead of key economic reports from China.   Global cues are little positive today with them SGX Nifty is showing 14 points up move in morning trade indicating that Indian market would open in the green today and Nifty is expected to trade between 6160 and 6060 with positive biasness. 

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