Indian stock markets closed the day on flat note today amid volatile session despite supported by a flush of global liquidity and positive signs in the markets across the globe. World over, the markets are on a high; and Indian benchmark indices are also venturing very close to their all-time highs in recent trading sessions. Both the benchmark indices managed to end the day above their respective previous close levels in the midst of a volatile session, seen as high as approx 5%.
Nifty breached the psychological level of 6200 in the early hours of trade and with the same haste fell below the mark; but in the end, unlike Friday, somehow managed to close above the level by closing at 6204.95, up by 15.60 points. Sensex also struggled to touch the 21000 mark but lost the momentum and closed inches above the previous close at 20893.89, up 11.00 points.
Today, Australian markets hit their five-year highs, and Asian markets also were seen at five-month highs. The pan-European FTSEurofirst 300 index was seen edging up to a new five-year high and the Wall Street was at a record peak. The Indian markets are also running high on foreign money, with FIIs having poured in around $15 billion so far this year.
Bank stocks are becoming the main drivers of Indian shares, with the NSE Bank index up 11.8% in October as of Friday's close compared with a 7.7% rise in the broader NSE index, marking it as a second consecutive month of gains of 6.3% in September. Also, technology stocks have rallied vertical so far in the year 2013. The NSE IT Index has gained over 8% so far this month, although the sub-index is still up 46.2% for the year compared with the 13.5% fall for banks.
All the sectoral indices pursued the northward momentum of the market barring a few; namely CNX FMCG (-1.39%) and CNX IT (0.44%). Among the gainers, CNX Media led the charge by registering 3.41% and followed by CNX Realty (3.10%), CNX Infra (1.93%), CNX Metal (1.84%), CNX PSU Bank (1.24%) and CNX MNC (1.15%).
Market breadth remained positive on NSE with 764 stocks advancing as against 393 decline with 62 remaining unchanged.
Out of 50 stocks of Nifty, 36 stocks advanced against 14 declined.
Top 5 Nifty gainers: Asian Paints led the gainers chart on Nifty today gaining the most (8.81%) and joined in by Larsen & Toubro (6.20%), DLF (5.94%), IDFC (4.82%) and Maruti Suzuki (3.55%).
Top 5 Nifty losers: Among the Nifty losers, Jindal Steel topped the chart falling by -3.54% and followed by ITC (-2.67%), TCS (-2.07%), HCL Technologies (-1.68%) and BHEL (-1.52%).
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