Nifty misses out on 5500 yet again…RIL slips

Indian indices inched higher, but yet again the NSE Nifty failed to cross the psychological barrier of 5,500. The 5490 levels turned to be a strong resistance for the Nifty. Index heavyweight Reliance Industries was the top laggard, the stock lost ~1% during the day.



Despite, Reliance Industries being under pressure, the Indian markets ended with smart gains on Monday starting the week on a bright note. Barring the Oil & Gas and the Pharma index all the other BSE sectoral indices ended in the green. The rally was led by the Realty stocks, followed by Consumer Durable and the Metal stocks. Even the Mid-Cap and the Small-Cap indices gained over 1.5% each.

"It was a day of steady gains, after starting off with positive bias, bulls managed to keep the momentum through out the day. Sentiment also was boosted after European markets climbed in early trading and Asian markets too shrugged off the disappointing US jobs data, says Amar Ambani, Vice President, Research IIFL.

Finally, the Sensex rose 144 points to end at 18,287, while Nifty advanced 45 points to end at 5,484.

The Asian markets ended mixed; the Hang Seng index in Hong Kong gained 0.6%, Australia's S&P/ASX edged higher by 0.6%, the Nikkei index in Japan ended lower by 0.7% and Shanghai SE Composite added 0.5%.

European indices were trading with healthy gains, the DAX in Germany was up 1.3%, the CAC 40 index in France was up 1.6% and the FTSE in the UK was up 1.3%.

Outside the frontline indices, the big gainers in the broader market were Tata Comm, Videocon Ind, IOB, Opto Circuits and PTC India. On the other hand, losers included Financial Tech, Glaxo, Jai Corp and Marico.