The Indian market traded with strong gains in morning trade on July 5 with more than 450 stocks, including Welspun India, Apollo Hospitals Enterprises, Bajaj Hindusthan Sugar, Balkrishna Industries and Dabur India, hitting their 52-week high in intraday trade on BSE.
Crompton Greaves Consumer Electricals, Divis Laboratories, ICICI Prudential Life Insurance Company, Jyothy Labs, NOCIL, Oil India, Pidilite Industries, PNC Infratech, Polycab India, Suzlon Energy, Tata Coffee, Tata Communications and Tata Elxsi, too, were among the stocks that hit their fresh 52-week highs.
The Indian market was up with healthy gains, mirroring trends of other Asian peers.
Most Asian stocks gained on Monday, extending the rally that took global equities to a record high after a US jobs report signalled the economic recovery remained intact but didn’t yet warrant any immediate withdrawal of Federal Reserve stimulus, reported Reuters.
Flagship index the Sensex jumped over 350 points while the Nifty50 traded above 15,800. At 1040 hours, Sensex was at 52,821, up 337 points or 0.64 percent and the Nifty was at 15,823, up 101 points or 0.64 percent.
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“The Nifty took good support at the 15,600-15,650 level in the previous session on July 2. This morning we have bounced from there and can scale to 16,100 only if we get past 15,900 on a closing basis,” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
“The markets are still range-bound between 15,400 and 15,900 and until we do not get past one of these levels, we will not witness a meaningful move. However, the bias remains on the upside,” said Hathiramani.
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