Markets Remain Positive; Nykaa, Canara Bank, Reliance and Eicher Motors Shine

Markets Remain Positive; Nykaa, Canara Bank, Reliance and Eicher Motors Shine

Indian markets were trading firm and NSE Nifty was up by 95 points in the afternoon session. The markets have declined from day’s highs but still holding to the gains. NSE Nifty was above major resistance level and the trading session has remained positive, supported by Reliance Industries. Indian markets were also getting support from positive opening for European markets today but FTSE slipped after opening firm.

Reliance Industries touched 52-week high in today’s session. Eicher Motors was among major gainers in today’s session after the stock witnessed massive selling over the last few sessions. Among major gainers in today’s trade were Sun Pharma, Apollo Hospitals, Maruti Suzuki, Tata Consumer Products, Infosys Technologies, ITC, Tata Motors, Asian Paints, Tech Mahindra, and Cipla. Nykaa stock was trading firm after two days of declines. Indoco Remedies received EU GMP Certification. Krishna Medical stock was trading firm by 4 percent. Pidilite stock was trading strong today.

Tata Communications stock was up by 7 percent in today’s trade as the company acquired remaining stake in Oasis Smart Sim Europe SAS for Rs 99 crore. The stock closed negative yesterday but today has recovered smartly.

Among major losers in today’s trade were UPL, JSW Steel, Bajaj Finance, Axis Bank, SBI, HCL Technologies, HDFC, Hindalco, Hero MotoCorp and ICICI Bank.

Dow Jones Futures was lower while Nasdaq Futures was almost flat today. Indian markets declined towards the final 30 minutes of trade as US futures opened lower. We can expect markets to remain rangebound in the coming sessions with positive bias.

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