Tracking the momentum, the 50-share Nifty index also managed to reclaim its crucial psychological level of 6700 in trade today, supported by gains in Reliance Industries, Jindal Steel, BPCL, IndusInd Bank and ONGC.
According to analysts, the market is likely to remain choppy ahead of the elections results on May 16.
At 10:00 a.m.; the 30-share index was at 22,447.96, up 41.07 points or 0.20 per cent. It touched a high of 22,545.18 and a low of 22,354.45 in trade today.
The Nifty was at 6,702.55, up 7.3 points or 0.11 per cent. It touched a high of 6,732.05 and a low of 6,680.45 in trade today.
"If the Nifty manages to sustain above 6749 then traders can initiate fresh longs on the index. Crucial supports are placed at 6656 (the swing's low) and 6616 (the 40-day moving average)," said said Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan.
"On a week-on-week basis the Nifty has closed in the red this week. For the past five weeks the Nifty has been consolidating in a 200-point range (from 6650 to 6870)," he added.
Mehta is of the view that we are trading above the crucial supports of 6656 and 6616, which once broken can lead to a freefall in the Nifty. Traders are advised to trade cautiously as we are witnessing high volatility.
Here is a list of twelve stocks which are in focus today:
MCX Ltd: MCX Stock Exchange (MCX-SX) said it has raised Rs 60 crore through rights issue, less than one-third of the targeted amount.
At 10:00 a.m.; the stock was trading 2.5 per cent lower at Rs 531.
Tata Power Ltd: Tata Power said it has raised nearly Rs 2,000 crore by selling shares to existing shareholders for which it received nearly double the required bids.
At 10:00 a.m.; the stock was trading 0.8 per cent lower at Rs 79.30.
Reliance Industries Ltd: RIL had submitted a bank guarantee of Rs 509.55 crore to get a higher price for natural gas it produces from the eastern offshore KG-D6 field, which the Oil Ministry has returned, saying the new rate hasn't been announced.
At 10:00 a.m.; the stock was trading 1.4 per cent higher at Rs 942.
Indiabulls Housing Finance: Mortgage lender Indiabulls Housing Finance (IBHF) is aiming to raise Rs 4,500 crore through bond issues in 2014-15, a top company official has said
At 10:00 a.m.; the stock was trading 1.1 per cent higher at Rs 302.
Suzlon Energy Ltd: The Suzlon Group today said its board of directors approved a proposal for cashless restructuring of its existing foreign currency convertible bonds (FCCBs).
At 10:00 a.m.; the stock was trading 6 per cent higher at Rs 14.20.
SPARC: Sun Pharma Advanced Research Company today reported a net loss of Rs 2.51 crore for the first quarter ended March 31, 2014, mainly on account of increase in expenses during the period.
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