Modest start to the day at Dalal Street

The Nifty had a modestly positive start on Friday thanks to continued buying and short covering in overseas markets that prevented local traders from going short on major stocks.

The Nifty rose x point to x, resuming its uptrend based primarily on short covering. The Advance-Decline Ratio was a robust 44/6. Frontline stocks led gainers, therefore, State Bank of India, Bank of Baroda, Axis Bank, PNB and Yes Bank were on top of the buyers list. Whereas, BHEL, Tata Power, GAIL, Hind Unilever and ACC fell in trade.

A surprising set of stocks made it to the top traded list on the National Stock Exchange: Ceat, Wockhardt and SBI were the most in demand on the exchange and all three traded in positive change.

Wider benchmarks saw continued buying as investors hunted for value in beaten down stocks. The CNX 100, CNX 200 and CNX 500 indices rose 0.8 percent while gains were higher on the Mid Cap and the Small Cap Indices.

The sectoral space was also buzzing with activity. All indices posted modest upticks: The CNX PSU Bank index posted the highest gains. CNX Finance and CNX Auto Indices were in positive territory as well.

The Bombay Stock Exchange was also buzzing with activity with the Sensex advancing 153 points, or 0.6 percent, to 25,775 points. Vedanta, ONGC, Wipro and Infosys posted gains while ICICI Bank and Bajaj Auto slipped in trade. The Advance-Decline Ratio was a strong 23/7 on the Sensex and Tata Motors was the top traded stock on the index.

The wider market saw bulls strengthening their fort with 1,186 stocks gaining ground compared with 283 that fell.

The futures and options segment saw mid caps dominating the gainers list. Debt-laden Amtek Auto, where bankers have extended further credit and are in talks to restructure its debt pile, was the highest gainer. SKS Micro, SRF and Kaveri Seed edged higher in trade as well. On the losers' side were Godrej Industries, BHEL, Apollo Hospital and Crompton Greaves. The Advance-Decline Ratio was a strong 124/34 in the derivatives space.

Jet Airways, Suven Life, Sobha and Bajaj Corp were among the top volume buzzers list on the NSE. Ceat, Abbott India and 8K Miles were on the list of 52-week highs on the exchange.

(Image credits: Indiatimes)