MUMBAI: The Sensex is rangebound with a positive bias on the back of optimistic cues from global peers. Metals, auto, IT and power sectors led the upmove while realty and capital goods edged lower.
"P. Chidambaram hinted at a course correction in economic policy, lifting stocks and the rupee. Hopes have been building up for quite a while now but not much has materialised so far. Market participants still appear to be hopeful though. The biggest catalyst for the continuation of the current rally will be positive policy action. Intent alone won't do from here on. Keep an eye on the monsoon session of Parliament," an IIFL report noted.
At 11:00 a.m., the 30-share BSE index was at 17,649.93, up 48.15 points or 0.27 per cent. It has touched a high of 17,679.37 and a low of 17,605.62 today.
The 50-share NSE Nifty was 5,350.40, up 13.70 points or 0.26 per cent. It has touched a high of 5,361.40 and a low of 5,338.70 today.
The monsoon session of Parliament begins today. Key bills before Parliament include Companies Bill, Forward Contracts Regulation Bill, Banking Amendment Bill, Mining Bill, Insurance Bill, Pension Bill, Land Acquisition Bill and Prevention of Money Laundering Bill.
"The current price action on the daily chart suggests a further upside momentum. However, on the hourly chart, prices have tested the supply zone of 5,362 but have closed below it. If the Nifty trades convincingly above 5,370, then it may test 5,400-5,420 levels. On the flip side, a corrective move up to 5,294-5,271-5,249 cannot be ruled out as the hourly chart is in an overbought zone," an Arihant Capital Market report noted.
The BSE Midcap Index was up 0.39 per cent and the BSE Smallcap Index moved 0.30 per cent higher.
Among sectoral indices, the BSE Metal Index was up 1.61 per cent, the BSE Auto Index gained 0.92 per cent and the BSE IT Index moved 0.50 per cent higher while the BSE Realty Index was down 0.37 per cent.
Jindal Steel (2.45 per cent), Hindalco Industries (2.19 per cent), Sterlite Industries (2.16 per cent), Mahindra & Mahindra (1.88 per cent) and Tata Motors (1.42 per cent) were the major Sensex gainers.
Bharti Airtel (2.96 per cent), GAIL (2.23 per cent), ONGC (1.38 per cent), TCS (1.15 per cent) and HDFC Bank (0.47 per cent) were the major losers.
Shares of Indiabulls Group companies pared most of the intraday lows after reacting sharply to Veritas report which recommended selling all group stocks.
"We believe that disclosures at IndiaBulls Real Estate Limited and IndiaBulls Power are unreliable and that the sole purpose of IBREL is to bilk institutional and retail investors for the benefit of select insiders. The controlling shareholders are running the organization as a piggybank, while proclaiming propriety and espousing credibility," the report alleged.
The market breadth was positive on the BSE with 1,263 gainers against 1,055 losers.
Foreign institutional investors bought equities worth Rs 815.95 crore on Tuesday, as per provisional data from NSE.
Asian markets remained firm on hopes of some announcements on fiscal stimulus measures by global central banks. The Nikkei 225 was up 0.74 per cent, the Seoul Composite gained 0.86 per cent and the Taiwan Weighted moved 0.37 per cent higher.
Overnight, the US markets rose for the third consecutive session. The Dow was up 0.4 per cent, the Nasdaq rallied 0.9 per cent and the S&P rose 0.5 per cent. The upmove was led by gains in energy shares.
The Economic Times News
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