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Sensex rangebound; Tata Motors, L&T, Rel Infra up

This article was posted on Jun 19, 2009 and is filed under Market News

MUMBAI: Indian markets were moving in a narrow range on Friday with a positive bias as investors bought stocks at lower levels. Indices had shot up over 1 per cent in early trade but couldn’t absorb the supply in frontline stocks. Meanwhile midcap and smallcap stocks showed some resistance.

“US markets closed up and Asian markets are positive The index of US leading economic indicators rose in May for a second consecutive month and a regional factory gauge climbed more than forecast in June, showing the worst recession in five decades may soon end. Asian stocks rose, paring the MSCI Asia Pacific Index’s biggest weekly decline since March, as better-than-estimated US economic reports boosted the dollar. We expect our market to bottom out today with buying at lower levels. We are positive on the market for the day,” said Religare Securities report.

At 11 am, Bombay Stock Exchange’s Sensex was at 14354.93, up 89.40 points or 0.63 per cent. The index touched an intra-day high of 14464.73 and low of 14298.33.

National Stock Exchange’s Nfity was at 4272.95, up 21.55 points or 0.51 per cent. The broader index hit a high of 4311.25 and low of 4251.10.

“Trend deciding level for the day is 4283 / 14362. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4344 – 4436 / 14535 – 14804. However, if Nifty trades below 4283 / 14362 for the first half-an-hour of trade then it may correct up to 4191 – 4130 / 14092 – 13919,” said Angel Broking note.

BSE Midcap Index was up 1.24 per cent and BSE Smallcap Index moved 0.72 per cent higher.

Amongst the sectoral indices BSE Capital Goods Index was up 2.44 per cent, BSE IT Index moved 2.17 per cent and BSE Metal Index gained 1.47 per cent.

Tata Motors (4.53%), Larsen & Toubro (3.79%), Reliance Infrastructure (3.19%), Tata Steel (3.11%) and Reliance Communications (2.95%) were amongst the Sensex gainers.

NTPC (-3.21%), ONGC (-1.87%), Tata Power (-1.52%), Mahindra & Mahindra (-1.13%) and ICICI Bank (-0.94%) were amongst the top losers.

A consortium of Reliance Infra and Hyundai Engineering is tipped to bag a contract to connect Bandra-Worli Sealink with Haji Ali at estimated Rs 1500 crore. The consortium is the only bidder in the fray for this corridor called Western Freeway, which would connect the newly-built Bandra-Worli Sealink to Nariman Point.

Market breadth was positive on the BSE with 1180 advances and 905 declines.

Wall Street was back in action after its three day losing streak spurred by encouraging economic data which boosted investor sentiment. The Dow Jones Industrial Average rose 53.28 points or 0.63 percent to 8,550.46, Nasdaq ended on a flat note losing a marginal 0.34 points or 0.02 per cent to 1,807.72 and the Standard & Poor’s 500 index advanced 7.32 points or 0.80 per cent to finish at 918.03.

Asian markets were back in the positive terrain tracking advances in US equities. The Nikkei climbed 0.36 per cent, Hang Seng rose 0.59 per cent and Straits Times looked up 1.27 per cent.

source: Economictimes

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