Indian Market close higher; Ranbaxy, IFCI and LIC Housing Finance shine
Indian markets closed above 15,000 level as buying was seen in major Banking, Metals and Capital Goods counters. Technical experts were expecting Indian markets to trade lower for the day as US markets closed lower on Monday and Asian stocks were seen lower during the start of session. However, markets surprised traders and started gaining momentum after first 30 minutes of trade.
During the end of trading session, Pharmaceutical Major Ranbaxy gathered steam and closed above crucial 300 level. Ranbaxy gained Rs 9 to close at Rs 305. Technical expert Ashwani Gujral has given Rs 312 as target for Ranbaxy. Other analysts have given a mixed voice about Ranbaxy. The company may see a turn around in the upcoming quarterely results.
Gujarat State Petronet closed the day with decent gains after touching 52-week high of Rs 78.60.
LIC Housing Finance was another stock to gain during the afternoon sesion. The stock touched an intraday high of Rs 639.90.
Among world markets, Hang Seng closed 168 points higher. Straits Times closed 22 points higher. Nikkei closed marginally positive at 10,284 points. Asian markets opened lower today, but recovered during the session and closed positive.
European markets opened positive on Tuesday. CAC was up by 22 points at 3441 during early session. DAX was trading 32 points higher while FTSE was nearly 1 percent positive compared to previous close.