Mumbai: The BSE Sensex remained in a consolidation phase for the third consecutive session on Wednesday, especially after a smart rally of more than 400 points on last Friday due to European Union Summit. Volumes too were quite low in July as compared to previous month, but the broader markets outperformed benchmarks - The BSE Midcap and Smallcap indices were up 0.9 per cent.
The NSE Nifty closed above the 5300 level for the first time since April 19, 2012 that rose 14.60 points to close at 5,302.55. Meanwhile, the BSE benchmark moved up 37.10 points to 17,462.81.
TS Anantakrishnan, director, Prime Broking says, more than the global factors, the Nifty will be driven by local factors. "From a broad market perspective, we think the range will be between 5,100 and 5,500. But I think it's more stock specific. Within the same sector, there is huge divergence in terms of returns," he adds.
Metal stocks were quite strong today as the BSE Metal Index surged 2 per cent. Sterlite Industries topped the buying list, rising over 5 per cent. Sesa Goa shot up over 4 per cent and Jindal Steel gained 3.4 per cent. Tata Steel and Hindalco were up over 1 per cent.
Top telecom operator Bharti Airtel rallied for the second consecutive session after TDSAT verdict. The stock rose 2 per cent. Country's largest lender State Bank of India rose 1.85 per cent.
Engineering and construction major by sales Larsen & Toubro moved up 0.9 per cent as its subsidiary L&T construction has received orders worth Rs 1,523 crore. State-owned power equipment manufacturer BHEL was up 0.7 per cent. Top car maker Maruti Suzuki spiked 2.56 per cent.
However, state-owned oil & gas producer ONGC declined 1.9 per cent as WTI crude spiked 4 per cent yesterday. Index heavyweight Reliance Industries was down just 0.3 per cent.
FMCG majors ITC and HUL were down 0.3 per cent and 1 per cent, respectively. Software services exporters Infosys and Wipro dropped 0.66 per cent and 1.5 per cent, respectively.
Air-conditioner manufacturers Hitachi Home & Life Solutions shot up 20 per cent and Whirlpool of India rose 10 per cent. Voltas was up 7 per cent and Blue Star rallied 12.56 per cent.
In the second line shares, JSW Steel, Uttam Galva Steel and Hindustan Zinc jumped 3-6.6 per cent. Kalyani Steels spiked 16 per cent.
Ashok Leyland, HDIL, Dish TV, Indiabulls Real, Punj Lloyd and GMR Infrastructure rallied 2-5 per cent. However, Sun TV, Crompton and Titan Industries were down 1.5-3 per cent.
About two shares advanced for every share declining on the National Stock Exchange.
European shares retreated from two-month highs after three days of gains made on hopes of more monetary stimulus from central banks and progress made in dealing with the euro zone debt crisis. France's CAC, Germany's DAX and Britain's FTSE were down 0.2 per cent-0.4 per cent.
Activity was expected to be subdued with US markets closed for the Independence Day holiday, and ahead of meetings of European Central Bank and Bank of England policy makers on Thursday.
(With additional information from Reuters)
Comments
0 comment