Nifty hovers around 5900 in early trade.


Markets continued to trade higher with 50-share Nifty index re-gaining key resistance level of 5,900 this Friday on back of improved risk-appetite after slew of positive economic data from US and China.

First-time jobless claims in US unexpectedly fell by 7,000 to 340,000 in the week ended March 2, the lowest since the period ended January 19, according to data on Thursday from the Labor Department in Washington.

Meanwhile, China said February exports grew 21.8 per cent from a year earlier, more than double the rise forecast, while imports fell 15.2 per cent, deeper than an 8.8 percent drop forecast.

At 10:10AM, the Bombay Stock Exchange’s Sensex gained 152 points to trade at 19,566 while the National Stock Exchange’s Nifty rose 49 points at 5,912.

Asian markets traded mixed with China’s Shanghai Composite Index up 0.01% to 2,325 , Singapore’s Straits Times dropping 0.16% to 3,293 , Hong Kong’s Hang Seng rose 1.1% to 23,014 while Japan’s Nikkei gained 2% to 12,219.

Back home, among sectors, BSE- technology and IT indices dropped while oil & gas, bankex, consumer durables, PSUs, metal, healthcare gained.

Among the individual stocks, HDFC  added 2.2%, GAIL is up 2%, Jindal Steel rose 2.3%, Mahindra & Mahindra and Hero MotoCorp rose over 2% each, ONGC gained over 2%, Reliance Industries  is up 1% on BSE.

The laggards included counters such as Infosys  and TCS  falling 1% and 0.4% respectively, Dr Reddy’s down 0.1% while Bajaj Auto  dropped 0.4%.

The other notable movers included, Mahindra and Mahindra (M&M) is trading higher by around 2% at Rs 902 on NSE after the utility vehicle maker said that workmen at Nasik plant have called off their strike.

Rashtriya Chemicals and Fertilizers is trading higher by 5.5% at Rs 46.30 in early morning trades after the government fixed floor price for the proposed offer for sale at Rs 45 per share, translating into a premium of 2.5% as compared to its Thursday’s closing price of Rs 43.90 on the National Stock Exchange.

The broader markets gained with mid-caps and small- caps rising nearly 1% on BSE.

The market breadth was positive.

Out of 1,895 stocks traded , 1,276 stocks advanced compared to 551 declines on BSE.

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