Markets continued to move sideways in afternoon trades after having touched a low of 17,432. The Sensex has gained 56 points at 17,455 and the Nifty added 18 points at 5,298.
In the broader markets, the midcap and the smallcap indices, which gained 0.5%, were almost in line with the Sensex, up 0.3%.
In Asia, Japan's Nikkei share average rose as investors gunned for more growth-boosting easing programmes from central banks following unexpectedly poor US data and ahead of policy meetings in Europe and Japan in the next week. The Nikkei ended up 0.7 percent at 9,066.59, its highest close in eight weeks, while the broader Topix gained 1 percent to 777.11, its best close since May 8. The Hang Seng index is up 1.39% while the Shanghai Composite has gained marginally.
Back home, among the sectoral indices, Consumer Durables, Realty and Bankex indices were the top gainers, up 1-2% each. Meanwhile, IT and FMCG indices remained in the negative territory, down 0.7%, each.
IT index was down as rupee rose to its strongest level in nearly a month against the Dollar. TCS down 1.6% and Infosys down 0.6% were the major losers.
FMCG index stayed in the negative zone for the second consecutive day on concerns that weak monsoon so far may give rise to commodity inflation leading to higher input costs. HUL and ITC down nearly 1% each, were the notable losers.
Shares of telecom service providers were in limelight on the bourses ahead of the Cabinet meeting today to consider a fresh proposal on prospective spectrum pricing.
Among the Sensex stocks Bharti Airtel, Gail India, ONGC, Hindalco Industries and ICICI Bank, up 1-3% were the notable gainers. Maruti Suzuki extended gains and was up 1% after the company Monday said it has registered 20% jump in June sales.
On the losing side were BHEL down 2% along with TCS, Hindustan Unilever, ITC and Sun Pharma Industries, down 1-2% each.
Shares of sugar companies are trading higher by 2-5% on reports that sugar production in the coming season is likely to decline by 4% due to lower recovery from the standing cane crop and deficient monsoon rainfall. “Total sugar output might decline to 25 million tones (mt) during the crushing season beginning October, marginally lower than the current year’s estimated production at 26 mt,” according to the latest forecast by the Indian Sugar Mills Association (ISMA).
The market breadth was positive as 1528 stocks advanced against 1,004 declining ones, on the BSE.
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