Indian market attracted good buying interest with Oil-Gas as leading gainers and almost all sectoral indices closed in green. The Sensex closed at 19405, up 268 points from its previous close, and Nifty closed at 5830, up 78 points. The CNX Midcap index was up 1.1% and the BSE Smallcap index was up 0.5%. The market breadth was positive with advances at 719 against declines of 588 on the NSE. Top gainers included RIL, BHEL, Wipro, Maruti, ICICIBank, Ranbaxy, PNB and Sesagoa. Top losers are listed as Relinfra, Rcom, Tatasteel, ACC, DLF, Powergrid, Ambuja cem. The FIIs were net buyers with investments worth Rs 156.2 cr (prov. cash market fig)

Market Outlook

In the next session, Nifty would find support at 5656 and 5800-5820 may act as a resistance zone. Traders are suggested to follow the strategy of selling at rise as long as NIFTY is trading below 5900. Reality and Banking stocks may face selling at rise while PHARMA and AUTO sector may appear strong.

Expected Bullish Stocks
Bgrenergy
DRRreddy
IRB
Adanient
Cairn
Rcf
Boi
NFL
Colpal
Apil
Lupin
Glenmark
Tatamotors
Icicibank
Bpcl
Indusind
Century
Pantaloonr

Expected Bearish Stocks
Rcom
Relinfra
Relcapital
Welcorp
Ivrclinfra
Tornt Power
Powergrid
Lichsgfin
PNB
Jswsteel
ABB
Pirhealth
Aban
Dabur
Petronet
Ekc
Jpassociate
Hdfc Bank

Fundamental Picks Investors with a horizon of 6-12 months can consider following scrips for their investment. These companies have potential to give higher returns than index over a long term.

DIC India Ltd has achieved its target of Rs. 340
First Leasing Ltd has achieved its target of Rs. 92
GEI Industrial Systems Ltd has achieved its target of Rs. 170
Dena Bank has achieved its target of Rs. 108
Visaka Industries has achieved its target of Rs. 180
Aarti drugs has achieved its target of Rs 135
Indoco Remedies has achieved its target of Rs 465, call given at Rs. 388
Riddhi Siddhi Gluco Biols has achieved its target of 258, call given at 216
Ess Dee Aluminium has achieved its target of Rs 520
TNPL has achieved its target of Rs. 115

Corporate News

Bharat Petroleum Corporation Ltd. (BPCL) state run oil marketing company has announced a major natural gas discovery in Mozambique. The Lagosta exploration well, which is currently under drilling at 4221 meters depth in Rovuma Basin, Area 1, offshore Mozambique, has encountered a total of more than 168 net metres of natural gas pay in multiple high quality Oligocene and Eocene sands. This is the third natural gas discovery including the Windjammer and Barquentine discoveries.

ONGC and Oil India have joined hands separately with Bharat Petroleum (BPCL) and Indian Oil Corporation (IOC) for a foray into city gas distribution (CGD). ONGC owns and operates 22,000 km of pipelines in India, including nearly 4,500 kilometres under the sea. It has tied up with BPCL and OIL. This is a sector that has tremendous growth potential. Since it is a retail business, we have tied up with BPCL and have identified certain cities for bidding,

Bharat Heavy Electricals Ltd, (BHEL) the state-run power equipment maker, may offer a minority equity stake to a third technology partner in its proposed joint venture with Steel Authority of India Ltd (SAIL) to manufacture high-grade steel.