The Indian market traded with healthy gains in intraday trade on July 13, tracking positive global cues.
Boosted by gains in shares of index majors such as Astral, Trent, V-Mart Retail, Redington (India) and Tube Investments of India, the BSE Smallcap index hit a fresh all-time high of 26,263.03 in morning trade on July 13.
The index was up about half a percent at 1145 hours with 425 stocks in the green and 253 in the red. Some 10 stocks were unchanged in the index.
Rane Brake Lining, Atul Auto, Aditya Birla Money and SML Isuzu were among the top gainers in the index while Equitas Holdings, Saregama India and Bajaj Hindusthan Sugar were among the top losers.
The Indian market traded with healthy gains in intraday trade on July 13, tracking positive global cues.
Equity benchmark the Sensex jumped over 300 percent and Nifty reached near 15,800 in intraday trade so far.
“There is a tendency for the markets to bounce from lower levels and resist at higher levels. This is a perfect example of a sideways market which is currently between 15,400 and 15,900,” Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments observed.
“Unless we do not get past either level, we will not see a trend with active market participation. If we can get past 15,900, we should scale higher to 16,100. A break of 15,400 can result in a medium-term correction which can take the markets lower to 15,100-15,200 levels,” said Hathiramani.
