As long as Nifty manages to stay above the 5,995 we may see the up move continuing

The Sensex and the Nifty closed at its highest level since 30 May 2013. Yesterday we had mentioned that the Nifty has to close above 6,015 for a strong up move. Today the index managed to cross this level towards the end of the trading session and closed at its high level for the day. The NSE saw a volume of 58.92 crore shares.

The Sensex opened higher at 20,000 while the Nifty too opened higher at 5,985. Both the indices traded in the positive throughout the day. They hit their respective intraday lows in afternoon trade, tracking a weak opening in European market. The Sensex hit a higher low of 19,956 and the Nifty hit a higher low of 5,975. However, both Sensex and Nifty traded higher and towards the end of the session shot up hitting a high of 20,177 and 6,051, respectively. The Sensex closed at 20,128 (up 180 points/0.90%) while the Nifty closed at 6,038 (up 65 points/1.08%).

Among the broader indices, the BSE Mid-cap index rose 0.74% and the BSE Small-cap index rose 0.24%.

All sectoral indices closed in the positive. The top gainers were BSE Realty (up 2.53%); BSE Bankex (up 2.04%); BSE Consumer durables (up 1.72%); BSE PSU (up 1.50%) and BSE Capital Goods (up 1.49%).

Out of the 30 stocks on the Sensex, 23 stocks settled higher. Top gainers were ONGC (up 4.42%); HDFC Bank (up 3.22%); BHEL (up 3.14%); Hindalco Inds (up 2.35%) and Hero MotoCorp (up 2.34%). Top losers were Mahindra & Mahindra (down 1.88%); Sterlite Inds (down 1.73%); NTPC (down 0.95%); TCS (down 0.82%) and Bajaj Auto (down 0.67%).

The top two A Group gainers on the BSE were—Uco Bank (up 14.92%) and Indiabulls Real Estate (up 9.17%).

The top two A Group losers on the BSE were—MMTC (down 4.99%) and Gitanjali Gems (down 4.97%).

The top two B Group gainers on the BSE were—Sunitee Chemicals (up 20%) and Metkore Alloys (up 19.79%).

The top two B Group losers on the BSE were—KBS India (down 19.97%) and Khaitan Chemicals (down 19.82%).

Of the 50 stocks on the Nifty, 41 ended in the in the green. The major gainers were Reliance Infrastructure (up 5.82%); ONGC (up 4.85%); Asian Paints (up 4.18%); Axis Bank (up 4.03%) and Bank of Baroda (up 3.69%). The key losers were HCL Technologies (down 1.75%); Mahindra & Mahindra (down 1.52%); TCS (down 1.19%); UltraTech Cement (down 0.80%) and NTPC (down 0.68%).

The board of directors of Punjab Chemicals & Crop Protection has considered and approved to sell, transfer or dispose its Agro Formulation Division. This division comprises all fixed assets located at Nandesari, Vadodara, Lote Parshuram and Flat at Vadodara to Coromandel Agrico Pvt Ltd by way of slump sale, subject to the approval of the shareholders, regulatory authorities and lenders. And have also approved to sell, convey, transfer, deliver or dispose the business conducted at Pune unit of Industrial Chemicals Division of the company either on a going concern basis or in parts or otherwise, including assets, title, interest and obligations, subject to the approval of the shareholders, regulatory authorities and lenders. The stock fell 15.8% to close at Rs37.05 on the NSE.

Moody's Investors Service said the rupee's depreciation will exacerbate inflationary and fiscal pressures, with both factors potentially constraining the country's sovereign rating. Moody's has a "stable" outlook on India's "Baa3" rating, its lowest investment grade-rating.

Among the Asian indices, Shanghai Composite was the major loser today, which fell 1.05%, after China's Finance Minister Lou Jiwei said the government is unlikely to provide a big fiscal stimulus this year. Nikkei 225 was the top gainer today, rose 1.32%.

US indices closed marginally higher on Wednesday after the Federal Reserve Chairman Ben Bernanke said the central bank's monthly bond purchases weren't on a "pre-set course" and could be curbed or extended, depending on economic conditions. In prepared testimony to the House Financial Services Committee, Bernanke said that there is no set timetable for slowing US monetary stimulus. The Fed currently buys $85 billion a month in government and mortgage bonds in an effort to stimulate economic growth.

Markets are also watching a meeting in Moscow of G20 finance ministers for signs of an orchestrated approach to the end of US money-printing, which could help resolve volatility in global markets. The G20, which meets on Friday and Saturday, includes many of the developing countries that have been at the sharp end of the dollar's surge since Bernanke first signaled the fed would roll back its bond buying in May.

European indices were trading mostly in the green. The US Futures were also trading higher.