 "Markets remain flat; BSE Realty index zooms 5%")
Benchmark indices are trading in a narrow range with the Sensex and the Nifty swinging between negative and positive zone.
At 14:10 PM, the Sensex was quoting at 24,356, losing marginally by 7 points and the Nifty was at 7,267, up 3 points.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have surged between 2-3%.
Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 1350.04 crore on Monday, as per provisional data from the stock exchanges.
EXPERT VIEW
According to Chandan Taparia, Derivative Analyst, Anand Rathi Financial Services, “After the strong run up now market is taking a pause and hovering near to 7300 levels. Option concentration scattered at different strikes as participants initiated strategies by using different strikes. Maximum put open interest is at 7000 strike and now that is likely to act as a major medium term support base. Nifty is up by around 6% in this series and higher from its monthly vwap - volume weight age average of 7025 levels. So if manages to hold then towards the expiry week short covering move may take it to higher levels. Nifty spot has immediate support at around 7130 then 7080 & 7000, on upside hurdle at 7350 then 7450 to 7500 zone.”
GLOBAL MARKET
Asian shares slipped on Tuesday despite a solid performance on Wall Street, while the dollar wallowed close to its lowest level against the yen in more than three months.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped about 0.3%. But Japan's benchmark Nikkei stock average bucked the downtrend and tracked overnight gains on Wall Street, ending up 0.5% and breaking a four-session losing streak.
RUPEE
The rupee fell to 58.68/69 versus its previous close of 58.59/60, en route to snapping a four-session winning streak, as a large state-owned bank is said to be buying dollars to meet demand for oil companies.
SECTORAL INDICES
BSE Realty index has zoomed over 5% followed by counters like Consumer Durables, Metal, IT, Healthcare and power, all gaining between 1-2%. BSE Oil & Gas and BSE Bankex have slipped between 1-3%.
GAINERS & LOSERS
Real estate and infrastructure companies have rallied by up to 20% on the back of heavy volumes on expectations of change in policy environment.
Unity Infrasprojects, Lanco Infratech, IL&FS Engineering and Constructions, Unitech, Oberoi Realty, Housing Development and Infrastructure (HDIL), Ansal Properties, Man Infraconstructions and Kolte Patil Developers have rallied more than 10% each on the Bombay Stock Exchange (BSE).
Shares of metal companies are trading firm in otherwise subdued market with the S&P BSE Metal Index hitting a two-year high today. In past three trading sessions, the index has rallied 10% as against 2% rise in benchmark index.
It added another 0.4% in intra-day deals and touched high of 12,110, its highest level since March 2012 on BSE as compared to a marginal decline in the S&P BSE Sensex on Tuesday. Tata Steel, Sesa Sterlite, Steel Authority of India (SAIL), NMDC, Hindalco Industries and Hindustan Zinc gained between 2-4% on the Bombay Stock Exchange (BSE).
Stocks of consumer durables goods seem to be on the investors' radar on hopes of an uptick in demand with the BJP-led NDA government promising to unveil reforms to boost economic growth.
Gitanjali Gems, PC Jeweller, VIP Industries, Videocon, Blue Star and Titan have surged between 2-7%.
Tata Communications has rallied 11% to Rs 339 after the company said it has sealed a deal to sell its 67.3% stake in Neotel, its South African unit, for seven billion rand (Rs 3,950 crore) to Vodacom, a subsidiary of British telecom company Vodafone.
On the losing side, Coal India shares, which rose 13% yesterday, are down 5 percent, while ONGC slips 3.1% after gaining 8.5% on Monday.
Other notable losers are RIL, Hero Moto, GAIL and SBI, all declining between 2-5%.
At 14:10 PM, the Sensex was quoting at 24,356, losing marginally by 7 points and the Nifty was at 7,267, up 3 points.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have surged between 2-3%.
More From This Section
The market breadth in BSE remains firm with 1,961 shares advancing and 783 shares declining.
Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 1350.04 crore on Monday, as per provisional data from the stock exchanges.
EXPERT VIEW
According to Chandan Taparia, Derivative Analyst, Anand Rathi Financial Services, “After the strong run up now market is taking a pause and hovering near to 7300 levels. Option concentration scattered at different strikes as participants initiated strategies by using different strikes. Maximum put open interest is at 7000 strike and now that is likely to act as a major medium term support base. Nifty is up by around 6% in this series and higher from its monthly vwap - volume weight age average of 7025 levels. So if manages to hold then towards the expiry week short covering move may take it to higher levels. Nifty spot has immediate support at around 7130 then 7080 & 7000, on upside hurdle at 7350 then 7450 to 7500 zone.”
GLOBAL MARKET
Asian shares slipped on Tuesday despite a solid performance on Wall Street, while the dollar wallowed close to its lowest level against the yen in more than three months.
MSCI's broadest index of Asia-Pacific shares outside Japan slipped about 0.3%. But Japan's benchmark Nikkei stock average bucked the downtrend and tracked overnight gains on Wall Street, ending up 0.5% and breaking a four-session losing streak.
RUPEE
The rupee fell to 58.68/69 versus its previous close of 58.59/60, en route to snapping a four-session winning streak, as a large state-owned bank is said to be buying dollars to meet demand for oil companies.
SECTORAL INDICES
BSE Realty index has zoomed over 5% followed by counters like Consumer Durables, Metal, IT, Healthcare and power, all gaining between 1-2%. BSE Oil & Gas and BSE Bankex have slipped between 1-3%.
GAINERS & LOSERS
Real estate and infrastructure companies have rallied by up to 20% on the back of heavy volumes on expectations of change in policy environment.
Unity Infrasprojects, Lanco Infratech, IL&FS Engineering and Constructions, Unitech, Oberoi Realty, Housing Development and Infrastructure (HDIL), Ansal Properties, Man Infraconstructions and Kolte Patil Developers have rallied more than 10% each on the Bombay Stock Exchange (BSE).
Shares of metal companies are trading firm in otherwise subdued market with the S&P BSE Metal Index hitting a two-year high today. In past three trading sessions, the index has rallied 10% as against 2% rise in benchmark index.
It added another 0.4% in intra-day deals and touched high of 12,110, its highest level since March 2012 on BSE as compared to a marginal decline in the S&P BSE Sensex on Tuesday. Tata Steel, Sesa Sterlite, Steel Authority of India (SAIL), NMDC, Hindalco Industries and Hindustan Zinc gained between 2-4% on the Bombay Stock Exchange (BSE).
Stocks of consumer durables goods seem to be on the investors' radar on hopes of an uptick in demand with the BJP-led NDA government promising to unveil reforms to boost economic growth.
Gitanjali Gems, PC Jeweller, VIP Industries, Videocon, Blue Star and Titan have surged between 2-7%.
Tata Communications has rallied 11% to Rs 339 after the company said it has sealed a deal to sell its 67.3% stake in Neotel, its South African unit, for seven billion rand (Rs 3,950 crore) to Vodacom, a subsidiary of British telecom company Vodafone.
On the losing side, Coal India shares, which rose 13% yesterday, are down 5 percent, while ONGC slips 3.1% after gaining 8.5% on Monday.
Other notable losers are RIL, Hero Moto, GAIL and SBI, all declining between 2-5%.