 "Markets expected to snap 5-day losing streak")
Markets remained range bound with positive bias in late trades on Wednesday heading towards gains for the first time in 2014 led by Reliance Industries and IT major TCS. Meanwhile, upside gains remained capped as sales by foreign institutional investors in the previous three sessions weighed on investor sentiment.
At 2:30PM, the 30-share Sensex was up 59 points at 20,752 and the 50-share Nifty was up 19 points at 6,182.
Foreign institutional investors continued to remain sellers for the third straight day on Tuesday with sales of Rs 567 crore as per provisional data released by the stock exchange. They were also sellers in index futures to the tune of over Rs 2,300 crore in index futures in the previous three sessions.
Asian markets rebounded on Wednesday after encouraging trade data raised hopes of growth in the US. Japan's benchmark index, the Nikkei, was the top gainer in the region ended up 1.5%. Among other stocks in the region, Shanghai Composite was up 0.2%, Hang Seng gained 1.2% and Straits Times gained 0.8%.
BSE Healthcare was the top gainer among the sectoral indices up 1.2% followed by Oil and Gas, and Bankex indices among others
Pharmaceutical companies which earn a significant amount of revenue from exports were up as the rupee continued to remain above Rs 62 mark against the US dollar. Sun Pharma was up 1.6%, Cipla gained 2.7% and Dr Reddy's Labs was up 1.7%.
Coal India surged to nearly 5% after the company announced that the board will meet on January 14, to consider an interim dividend.
Among other Sensex gainers, TCS was up 1%, Reliance Ind gained 1.3% and ICICI Bank was up 0.7%.
Tata Motors continued to witness short covering at lower levels after the stock corrected following dismal December sales. The stock was up 0.7%.
However, Infosys continued to witness profit taking ahead of its third quarter earnings due for release on Friday. The stock was down 0.8%. Larsen & Toubro was down 1.7% on profit taking after recent gains.
Among other shares, Aban Offshore has moved higher by 3% to Rs 436 after the company said it has won a contract for deploying jack-up rig Deep Driller 5, owned by its step down unit Offshore Vitenam, for one year , which is expected to generate revenue of $61.3 million (about Rs 380 crore).
The broader market trimmed some of their early gains. The BSE Mid-cap was up 0.7% and Small-cap index gained 0.3%.
Market breadth was positive with 1,459 gainers and 964 losers on the BSE.
At 2:30PM, the 30-share Sensex was up 59 points at 20,752 and the 50-share Nifty was up 19 points at 6,182.
Foreign institutional investors continued to remain sellers for the third straight day on Tuesday with sales of Rs 567 crore as per provisional data released by the stock exchange. They were also sellers in index futures to the tune of over Rs 2,300 crore in index futures in the previous three sessions.
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The rupee strengthened against the dollar. Strong Asian cues also boosted sentiment for the Indian currency. The rupee was trading at Rs 62.13 compared with the previous close of Rs 62.31.
Asian markets rebounded on Wednesday after encouraging trade data raised hopes of growth in the US. Japan's benchmark index, the Nikkei, was the top gainer in the region ended up 1.5%. Among other stocks in the region, Shanghai Composite was up 0.2%, Hang Seng gained 1.2% and Straits Times gained 0.8%.
BSE Healthcare was the top gainer among the sectoral indices up 1.2% followed by Oil and Gas, and Bankex indices among others
Pharmaceutical companies which earn a significant amount of revenue from exports were up as the rupee continued to remain above Rs 62 mark against the US dollar. Sun Pharma was up 1.6%, Cipla gained 2.7% and Dr Reddy's Labs was up 1.7%.
Coal India surged to nearly 5% after the company announced that the board will meet on January 14, to consider an interim dividend.
Among other Sensex gainers, TCS was up 1%, Reliance Ind gained 1.3% and ICICI Bank was up 0.7%.
Tata Motors continued to witness short covering at lower levels after the stock corrected following dismal December sales. The stock was up 0.7%.
However, Infosys continued to witness profit taking ahead of its third quarter earnings due for release on Friday. The stock was down 0.8%. Larsen & Toubro was down 1.7% on profit taking after recent gains.
Among other shares, Aban Offshore has moved higher by 3% to Rs 436 after the company said it has won a contract for deploying jack-up rig Deep Driller 5, owned by its step down unit Offshore Vitenam, for one year , which is expected to generate revenue of $61.3 million (about Rs 380 crore).
The broader market trimmed some of their early gains. The BSE Mid-cap was up 0.7% and Small-cap index gained 0.3%.
Market breadth was positive with 1,459 gainers and 964 losers on the BSE.