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Nifty consolidates at 2-month highs; metals strong; software weakens

Stocks opened on firm ground on Monday on traders negated a weak trend in Asia on expectations that local quarterly earnings will…

Nifty consolidates at 2-month highs; metals strong; software weakens

Representational image (PHOTO: Getty Images)

Stocks opened on firm ground on Monday on traders negated a weak trend in Asia on expectations that local quarterly earnings will outperform expectations. Several private banks — DCB Bank and IndusInd — have already beaten forecasts and investors expect more such fireworks in the coming sessions.

The Nifty remained in positive territory for the fifth session in a row as traders reworked the math in a market consolidating around 2-month highs. Asian markets fell between 0.3-1.2 percent. Meanwhile, here are the major events of the trading day:

* The Nifty rose 12 points to 8,412 points. The index rose for the 5th day in a row and trades near its highest level since November 11.

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* Adani Ports, Zee Entertainment, Idea, Tata Steel and Tata Motors rose between 1.4-2%. They were among 32 stocks that rose on the Nifty.

* HCL Tech, Infosys, Eicher Motors, Tech Mahindra and ICICI Bank dropped 0.6-2.1%. They were among 19 stocks that fell on the Nifty.

* The Sensex rose 48 points to 27,286 points on the Bombay Stock Exchange. Adani Ports was the top gainer while Infosys dropped the most. Dr. Reddy's made a rare appearance as the top traded stock on the Sensex.

* Infosys, TCS and DLF were the top traded stocks by value on the NSE.

* Real Estate stocks dominated trading lists with JP Associates, DLF and HDIL taking the first three slots on the list of most active shares by volume.

* Broader markets showed a mild uptick with the Nifty 100, 200 and 500 indices inching up 0.1%.

* Realty, Metal and Media shares were in a strong uptrend. The IT index remained under bear control and mild profit booking was seen in FMCG and pharma stocks.

* Hindustan Zinc, Havells, Indiabulls Finance and NMDC showed strong traction.

* Reliance Industries, ahead of its earnings, ONGC and  Bosch dropped lower.

* Bulls remained in control of market sentiment with 960 shares rising versus 589 that declined in the wider market.

* The trend was reflected in the derivatives market as well, where 105 futures rose versus 70 that fell.

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