Sensex lacklustre; Pharma, Oil & Gas up

Benchmark indices were moving in narrow ranged Friday as investors stood on sidelines ahead of a long weekend. However, buying activity
was seen in midcaps and smallcap stocks.

“Bulls are indeed on seventh heaven as the September series came to a happy close with a 7% gain in the major indices. Foreign funds continue to pour money into Indian equities while the local funds don’t appear to be all that excited. The market is likely to remain sideways with mostly a positive bias and its direction will hinge on FII inflows and external environment. Results and RBI’s monetary policy are the two big events to watch out for next month.

We have two back-to-back extended weekends. This has the potential to make the market choppy but also gives you a chance to relax,” said India Infoline report.

At 12 pm, Bombay Stock Exchange’s Sensex was at 16749.53, down 31.90 points or 0.19 per cent. The index touched an intra-day low of 16618.43 and high of 16787.67.

National Stock Exchange’s Nifty was at 4978.60, down 7.95 points or 0.16 per cent. The broader index touched a low of 4931.25 and high of 4989.50.

“Yesterday's recovery suggests us that the bull strength is still intact however; the recovery above 5020 level is needed to continue the same. On the lower side the level of 4925 may act as a major support for the market and failure to hold the same may invite further sell off in the market. Below 4925 level the index may reach 4870/4880 level. Traders can search for fresh trading long opportunity around these levels,” said Kotak Securities report.

BSE Midcap Index was up 1.21 per cent and BSE Smallcap Index moved 1.53 per cent higher.

Amongst the sectoral indices, BSE Healthcare Index gained 2.68 per cent, BSE Oil&gas Index and BSE Realty Index was up 0.99 per cent each.

BSE IT Index was down 1.29 per cent and BSE Metal Index tripped 0.84 per cent.

TCS (-2.15%), Infosys Technologies (-1.49%), Bharti Airtel (-1.43%), ICICI Bank (-1.30%) and Sterlite Industries (-1.27%) were amongst the Sensex losers.

Gainers included Sun Pharmaceuticals (1.61%), Reliance Industries (1.26%), Maruti Suzuki (1.03%), ONGC (0.70%) and NTPC (0.59%).

Market breadth was positive on the BSE with 1765 advances and 766 declines.

News Source : Sensex lacklustre; Pharma, Oil & Gas up

Stocks subdued; Nifty holds 4800

Stocks remained subdued as losses in realty and metal stocks took a toll on sentiment. But key indices pulled back marginally with the Nifty regaining the 4800 mark.

“In the minor term, support for Nifty continues to remain at 4780. If this level is broken then we could see selling pressure emerging and Nifty might test 4720 or 4680. And in the slightly intermediate term, support exist at 4560, unless Nifty breaks below 4560 with huge volume this trend is safe and every dip is a buying opportunity. Resistance is at 4900; if this level is breached with positive market breadth and huge volumes then the next target is 5050-5200,” said Nirmal Bang Securities in a technical note.

At 11:30 am, Bombay Stock Exchange’s Sensex was trading at 16,194.49, lower by 0.43 per cent or 69.81 points from the previous close. The index fell to a low of 16,119.95 after opening at 16,185.26. National Stock Exchange’s Nifty lost 0.52 per cent or 25.35 points to 4804.20. The index touched a high of 4832.25 and low of 4786.25 in trade so far.

The broader market scrambled back after an initial blip. The BSE Smallcap Index edged 0.13 per cent higher and BSE Midcap Index was trading 0.07 per cent down.

Sectorwise, BSE Realty Index slipped 1.59 per cent, BSE Metal Index lost 0.94 per cent and BSE Oil&Gas Index dropped 0.67 per cent.

Jet Airways India surged 5 per cent after the five-day-old stir by its pilots ended and the airline
management reached a settlement with the agitators. Shares of Jet Airways India surged 5.05 per cent to ahigh of Rs 270.40 on the BSE.

Biggest index gainers were Jaiprakash Associates (1.43%), Tata Steel (1.29%), Wipro (0.82%), Hindustan Unilever (0.74%) and BHEL (0.62%).

Losers comprised Sterlite Industries (-2.93%), Hindalco Industries (-2.62%), ONGC (-1.64%), DLF (-1.52%) and Reliance Communications (-1.31%).

Market breadth on BSE remained negative with 1192 declines against 1185 advances.

News Source : Stocks subdued; Nifty holds 4800