Indian Markets Close Firm as European and US Stocks Trade Positive

Indian Markets Close Firm as European and US Stocks Trade Positive

Indian markets continued with the firm trend from last week and NSE Nifty closed 146 points higher at 19,711. BSE Sensex and NSE Nifty closed at fresh all-time highs for markets. The bullish trend in Indian markets is also backed by positive sentiment in the European and US stock markets. Banking, IT and pharmaceutical stocks were in demand in today’s session. Companies are reporting strong quarterly results and investors are putting money in better performing counters. Mid-Cap and Small-Cap companies are also participating in the current rally.

All the sectors closed positive except for automobile sector. IT companies have witnessed strength in the recent sessions, especially after TCS announced better than expected quarterly numbers. Among major gainers in today’s session were SBI, Wipro, Grasim, HDFC Bank, Reliance, Kotak Mahindra Bank, Adani Enterprises, IndusInd Bank, ICICI Bank, Tech Mahindra and Asian Paints.

Among losers in today’s trade were Hero MotoCorp, Tata Motors, Titan Industries, Mahindra & Mahindra, Bajaj Auto, SBI Life, Divis Labs, Bajaj Finserv and Nestle India.

Sleepwell mattress owner Sheela Foam Limited has announced its plan to acquire controlling stake in Kurlon Enterprise Limited. The deal values Kurlon at Rs 2,150 crore. Sheela Foam will also acquire 35 percent stake in branded furniture brand Furlenco’s owner House of Kieraya Private Limited for Rs 300 crore. This deal will offer Sheela Foam an entry in branded furniture market in India. Sheela Foam stock closed 6 percent higher today as investors expect the company to improve its market share with acquisition.

Markets opened positive today and remained positive for majority of trading session. The trend in the markets is surely bullish. During the afternoon session, Indian markets were supported by strength in the US Futures. Nasdaq is hovering around 52-week highs and we can expect global trends to remain positive for tomorrow as well.