Stock Market Opening: Auto gains positive, Nifty and Sensex hit record high

Indices trade higher today with the Sensex rising as much as 335 points to hit a record high of 44,953.01 and Nifty 50 index soared up by 103 points to an all-time high of 13,216.60. Auto, metal stocks are the ones gaining maximum attention with a positive start. Sensex and Nifty opened at record highs after equity benchmark Sensex boosted up by over 300 points in early trade to hit its fresh intra-day record registering gains in index majors HDFC Bank, RIL and Maruti amid largely positive cues from global markets. HDFC Bank, Maruti Suzuki, Reliance Industries, State Bank of India, ICICI Bank and Kotak Mahindra Bank were among the top movers in the Sensex.

The Indian rupee opened flat at 73.81 per dollar on Thursday against the previous close of 73.80, amid buying seen in the domestic equity market. The Nifty top gainers on NSE as of 10:49 am are MT Educare, Olectra Greentech, Smartlink Holdings and Neulands Global Inds. The Sensex top gainers on BSE as of 10:49 am are MT Educare, Olectra Greentech, Facor Alloys and Rexnord Electronics. Apollo Hospital, Wipro, JSPL, Gujarat Ambuja Exports, Asian Paints are the stocks estimated to grab the maximum attention today.

Metal stocks witnessed good buying interest in today’s session with Nifty Metal index advancing nearly 2 percent with Hindalco leading the band at 3.5% addition. Metal and oil marketing company stocks are witnessing a jump in buying interest. In the metal sector, Hindalco and Tata Steel stepped up with an addition of around 2 percent each; Among oil marketing companies, GAIL, BPCL and ONGC are trading higher by around a percent each on the BSE. Burger King IPO was going strong on the second day of subscription as well as it was subscribed 3.4 times. Nifty Auto Index also paced up by 1 percent with Maruti leading as of 10:12 am with 3.67 percent gain.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments said, ”We had a marginal gap up opening and have again come to test the 13150 level which is a crucial point for the Nifty. We need to keep above this level on a consistent basis in order to continue the upside rally. If that happens, we could reach the levels of 13250-13300. When the markets corrected on Wednesday, strong support was made at the 12950-13000 level. Keeping that as a new base, traders can go long on this market.”

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