Indian equity markets along with the other Asian markets extended their gains after a gap-down opening session reacting to the news of Janet Yellen officially being nominated as the next Fed chairperson. Markets were also cautious in the early trades ahead of trade deficit data for the month of September, but once the data shows the contracting deficit, markets went in buoyant mode and registered healthy gains. Nifty gained by 79.05 points and closed at 6007.45 up 1.33%, while Sensex, zooming by 265.65 points wrapped up the session at 20249.26 up 1.33%, same as Nifty.
Nifty hit fresh intraday high and breached important resistance of 6000 as investors turned bullish following the better-than-expected trade deficit data. India's trade deficit in September narrowed to $6.76 billion vs. $10.9 billion in August at 30 months low. It was lower than estimates of $9-10 billion. Exports grew at $27.68 billion vs. $26.1 billion, up 6%, M-o-M, while imports declined to $34.44 billion vs. $37.05 billion, down 7.1%, M-o-M. Oil imports were down 5.9% while gold and silver import was at USD 0.8 billion (Y-o-Y) in September.
All the sectoral indices except the CNX MNC (-0.09%) ended the day in the green terrain today. CNX Realty carried the marching baton and gained by 4.62% and followed by CNX Pharma and Bank Nifty, both (1.91%), CNX Finance (1.76%), CNX Service (1.58%), CNX IT (1.53%), CNX Infra (1.47%) and CNX Energy (1.34%).
Market breadth remained completely one-sided today in positive zone as 774 stocks rose against 391 declined while 70 remained unchanged.
Out of 50 stocks of Nifty, 40 advanced and 10 declined.
Top Five Nifty gainers: DLF topped the Nifty Gainers chart and registered 5.98% gain followed by Sun Pharma (5.73%), J P Associates (4.35%), Kotak Bank (4.02%) and IDFC (3.52%).
Top Five Nifty Losers: Wipro was the biggest loser and fell by -1.54% together with M&M (-1.41%), Sesa Sterlite (-1.02%), Cairn India (-0.68%) and BPCL (-0.60%).
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