With no fresh triggers to move the markets, the Sensex continues to move in a range of 100 points.The benchmark index is currently up 113 points at 19,962 while the Nifty gained 34 points at 5,995.
In the broader markets, the midcap index slipped in the late afternnon trades and is at 0.8% while the smallcap index continues to stable around 1%. The benchmark index continues to underperform for the fourth straight day.The index is at 0.5% in the positive.
Earlier the day, the markets started on a strong note with the Sensex opening up 220 points. This jump was on back of positive cues from Asia and Wall Street. However, as the day progressed the markets pared some of its early gains. In the afternnon trades the markets again regained some strenght as RIL started moving north. From there on the markets continued to move sideways. The food inflation touching a four month low failed to have any effect on the market.
In the Asian markets, after a positive opening, the indices continued to trade higher. The Hang Seng finally closed up 0.8% at 23,448 while the Nikkei advanced nearly 2%.Jakarta Composite was the top gainer in the Asian markets advancing 2.2%. Shanghai Composite, Straits Times,Seoul Composite and Taiwan Weighted gained 0.6% - 1%.
The European markets too have opened in the green. CAC and DAX are trading higher by 0.2% and 0.3%. FTSE has added 0.4%.
Back home, the food inflation numbares were out. The inflation fell to four months' low at 8.6% for the week ended November 20, as prices of vegetables, wheat and pulses declined on increased output and arrival of kharif crop in the market.Food inflation in the previous week was 10.1%.This is the seventh consecutive week of decline in the food inflation as availability of food commodities improved after the end of the
monsoon season.
Meanwhile, sugar stocks were in limelight for teh second consecutive day. this was mainly because the sugar companies are expected to improve their profitability in the current year beginning October on lower levy obligation, higher ethanol prices and improved cogeneration. Earlier, on November 29, sugar prices in the spot market rose to their highest level in the last seven months.
Among the BSE sectoral indices Realty and Oil & Gas laeds the pack closely followed
by Consumer Durables, IT and Bankex. However, Power and Capital Goods indices have slipped intothe negative along with Auto index. FMCG which was in the red had marginally recovered up 0.04%
Reliance Communications up 3% continues to be the top gainer on the Sensex for the second straight day . Wipro, Sterlite gaining 2% followed by ICICI Bank,Tata Motors, Hindalco, ONGC,RIL and Jindal Steel adding 15 each are the other noteable gainers.
On the losers list are Hero Honda losing 6% continues to top the list for the second day too. NTPC, Jaiprakash Associates, Mahindra & Mahindra,Bharti Airtel and Tata Power down 1% each are the other losers.
The market breadth continues to be positive.1853 scrips have advanced while 1044 have declined.
