Sensex trades higher, Nifty holds above 9,300 as Macron wins in France

In a volatile trade, the benchmark indices were trasing  higher on Monday tracking positive global cues after French centrist candidate Emmanuel Macron comfortably won the closely watched French presidential election, defeating his far-rightist opponent Marine Le Pen. At 10:00 am, the S&P BSE Sensex was trading at 29,950, up 92 points, while the broader Nifty50 was ruling at 9,321, up 36 points. In the broader market, the S&P BSE Midcap and the S&P BSE Smallcap outperformed to gain 0.6% and 0.5%, respectively. Meanwhile, on Friday, foreign institutional investors sold equities worth Rs 364 crore, while domestic institutional investors bought equities worth Rs 298 crore. Despite Friday’s pull back below 9,370, the 9,300-9,280 region was intact, retaining the positivity, though a bit of vulnerability has evidently crept in. Such doubts, however, could be negated if a direct rise above 9,370 unfolds again. And such a move is anticipated, as long as Nifty holds above 9,330," said brokerage Geojit Financial Services in a technical note.  Commodity Trading Tips

 

Buzzing stocks

ICICI Bank (up 2%) gained for the third session in a row and was the top Sensex gainer. The private sector lender had reported a nearly three-fold jump in its standalone net profit at Rs 2,025 crore in the March 2017 quarter. Ambuja Cements advanced over 8% to Rs 266.40, while ACC gained 6% to Rs 1754 after the Swiss cement giant Lafarge Holcim set the ball rolling for the merger of both the companies. Both ACC and Ambuja had their board meetings on Friday, and they concluded with a decision to initiate the process for exploring the possibility of a merger. Among losers, Avenue Supermarts, the parent of D-Mart, shed over 3% to Rs 783 after the company reported a 47.45% jump in standalone net profit at Rs 96.66 crore for the fourth quarter ended March 31, 2017. The company had reported net profit of Rs 65.55 crore in the corresponding quarter a year ago. Nifty Trading Tips