NEW DELHI: BSE benchmark Sensex trims some gains after rallying over 200 points on Friday ahead of the July factory output numbers scheduled for release later in the day.NSE barometer Nifty breached its crucial psychological mark of 7,800 and traded at 7836, up 49 points, or 0.6 per cent.The market breadth remained positive with 20 of 30 BSE Sensex stocks trading with gains.Stocks such as Infosys, HDFC, SBI and Axis Bank were contributing most to the Sensex’s rise.Sensex stocks SBI, ONGC, M&M and Vedanta gained 1.96 per cent, 1.90 per cent, 1.74 per cent and 1.71 per cent, respectively.

Among the sectoral indices on the BSE, BSE Realty index was the top gainer, climbing 1.3 per cent. Sobha Developer and Prestige were the top contributers to the gains in the index.Most Asian markets were rangebound, following modest gains seen by the US markets overnight. Hong Kong’s Hang Seng was ruling 1.3 per cent higher, while Japan’s Nikkei and Singapore’s Straits Times were trading flat. Shanghai Composite inched up 0.1 per cent.The domestic factory output numbers will be released post the market hours of Friday. In the US, data on producer price index (PPI) and consumer confidence will be released later in the day, which may provide hints of whether the US Fed will hike interest rates during its two-day policy meet next week.

“We remain optimistic about Indian equities in the long run. Recent market correction has made valuation of many stocks attractive. In fact, it has been a beneficiary of fall in commodity and energy prices. Investors can look to add significantly to their weight in equity given above reasons,” said Atil Kumar of Quantum AMC.Technical experts believe that Thursday’s intraday of 7,678 on Nifty mat act as an immediate support for Nifty in the near future.

“We reiterate our view that traders shouldn’t be aggressively participating in this bounce as we are not interpreting this as a trend reversal sign. Momentum traders should only look for small moves with strict stop losses and it’s advisable to keep booking profits in their existing longs,” said Angel Broking in a note.

Source:http://economictimes.indiatimes.com/markets/stocks/news/sensex-up-over-100-points-nifty-above-7800-gati-climbs-11/articleshow/48908392.cms