MUMBAI: Indian market ended on a positive note for fifth consecutive session aided by positive global cues and ahead of June series F&O expiry. The benchmarks closed near crucial resistance levels and above 200DMA a bullish sign. All the sectoral indices closed higher with FMCG, metals and banks as the sectoral performers.
According to experts, the benchmarks are likely to face strong supply near current levels and any upmove should be utilised to book profits.
"It seems the excessive the negative sentiment in the market is over. We are in a stiff resistance zone and would be tempted to book profits between 5600-5700. If the Nifty closes above 5700 then it would mean the current down trend is over. Till then continue to book profits on rise," said Gaurav Mehta, Institutional Derivatives, Ambit Capital.
Meanwhile, the macro-economic factors like inflation and high interest rates are likely to keep the bulls under check. The progress of monsoon and June quarter results will also be keenly watched.
National Stock Exchange's Nifty ended at 5600.45, up 55.15 points or 0.99 per cent. The broader index touched a high of 5608.65 and low of 5566.50 in trade today.
Bombay Stock Exchange's Sens*x closed at 18693.86, up 201.41 points or 1.09 per cent. The 30-share index hit a high of 18715.39 and low of 18552.19 intraday.
BSE Midcap Index was up 0.78 per cent and BSE Smallcap Index moved 0.95 per cent higher.
Amongst sectoral indices, BSE FMCG Index was up 2.58 per cent, BSE Metal Index gained 1.52 per cent and BSE Bankex moved 0.96 per cent higher.
Sterlite Industries (3.45%), ITC (2.79%), Hindustan Unilever (2.72%), HDFC Bank (2.65%) and Tata Steel (2.38%) were amongst the top Sens*x gainers.
ONGC (-2.13%), Bajaj Auto (-1.32%), Jaiprakash Associates (-1.20%), DLF (-0.31%) and M&M (-0.27%) were amongst the losers.
Shares in sugar companies rallied after government approved shipment of additional 5 lakh tonne of sugar in April. Balrampur Chini moved up 4.51 per cent, Dhampur Sugar Mills advanced 4.42 per cent, Bajaj Hindustan rallied 4.57 per cent and Shree Renuka Sugar surged 8.42 per cent.
The Supreme Court has given temporary relief to the Tatas in Singur land case. The apex court has directed the West Bengal government to not to return land to farmers in Singur. The Calcutta High Court will proceed with the main matter pending before it. The scrip closed 1.15 per cent higher.
Market breadth was positive on the BSE with gainers against 1073 losers.
All the eyes are set on the parliamentary vote in Greece to approve unpopular austerity measures. The European markets moved higher with FTSE 100 up 0.81 per cent, CAC 40 inching 1.71 per cent higher and DAX advancing 1.76 per cent.
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