Markets remain rangebound with positive bias
Key share indices remained range bound with a positive bias with capital goods and auto shares leading the gains. At 1130 hrs, the Sensex was up 42 points at 16,902 and the Nifty gained 17 points at 5,121.
Meanwhile, the rupee appreciated by 5 paise to 55.91 against the American currency in early trade today on the Interbank Foreign Exchange on dollar selling by exporters, amid a higher opening in the stock market.
Asian shares rose on Wednesday and the euro clung to most of the previous session's gains as investors bet that Europe's worsening debt crisis and faltering global growth will prompt major central banks to launch a new round of monetary stimulus. Strait Times, Nikei, Hnag Seng, Taiwan and Kospi have gained between 0.4-1.2%.
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BSE Capital Goods, Consumer Durable, Healthcare, Auto, Power, Metal, Capital Goods, Bankex, Oil & Gas and PSU indices have surged between 0.6-1%. However, BSE IT and Realty indices are trading marginally in negative zone.
Capital Goods major L&T and BHEL have spurted between 1-2% on after the Prime Minister’s Office (PMO) called for a meeting today Wednesday to revive the contentious issue of imposing duty on foreign power equipment in the country.
From the Auto space, Tata Motors, Hero Moto and M&M have gained between 0.3-2%.
Other notable gainers include Dr Reddy’s Lab which is the top Sensex gainer, up over 3%. JSPL, ONGC, Tata Steel, HUL and ICICI Bank have gained between 1-2%.
On the losing side, Coal India is the top Sensex loser, down 2%. Other frontline losers are Bharti Airtel, HDFC Bank, TCS, Hindalco and Infosys.
Among other shares, Sintex Industries is trading higher by 5% at Rs 60.80, extending its previous day gain of around 1%, after the company said that, the public sector insurance giant Life Insurance Corporation of India (LIC) has acquired shares worth of Rs 6 crore through an open market transaction.
Educomp Solutions has soared 11% to Rs 152 after the company said that it has arranged $155 million to pay off foreign currency convertible bonds (FCCB) of $78.5 million on due date.
The BSE mid-cap and small-cap indices maintain the steady movement and are outperforming the benchmark indices, both gaining by nearly 1% each.
The overall market breadth remains healthy with 1,466 stocks advancing while 777 declining.