The Sensex is trading range bound after touching some stellar highs for the day.The Sensex has gained 108 points at 19,454 while the Nifty has added 45 points at 5,841. In the broader markets, the midcap index has slipped into the red, down 0.04% and the smallcap index is flat at 0.03%.
Among the sectoral indices on the BSE, there is no mobvement at the top of the chart. Oil & Gas continues to lead at nearly 2% followed by IT and Teck. Auto and Realty has slipped into the negative along with Bankex.
With respect to banking, Mirae Asset Research says that the market direction will depend on RBI policy meeting on September 16. The central bank may pursue a balancing act between inflation and growth since any sharp increases in rates could have wider implications.According to the technical charts says Emkay Research: Bank Nifty continues to trade within a bullish channel and as long as prices hold past 2008 highs at 10774, expect targets in 12,500 and-13,000 range and Bank Nifty should continue its move towards 12500-13000.
The gainers on the Sensex are ONGC up nearly 3%,RIL,Wipro, Hindalco and Tata Steel gainin nearly 2%. Infosys,TCS, Reliance Infrastructure, Cipla and Maruti Suzuki gaining 1% each are the other significant gainers.
The losers on the Sensex are SBI, Tata Motors and Jaiprakash Associates down 1% each. Jindal Steel, Hindustan Unilever, DLF and BHEL losing 0.5% are the other main losers.
Market breadth is negative.1607 stocks have declined while 1314 have advanced.
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