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Key share indices continue to remain volatile in a narrow range, oscillating between negative and positive terrain.
By 1300 hrs, the 30-share Sensex was up 15 points at 20,050 and the 50-share Nifty was down 1 point at 6,082.
On the global front, Japan's Nikkei share average rose 1.2% on Tuesday, managing to regain a degree of stability after sharp declines in the previous few sessions, as some investors picked up battered blue-chips such as Toyota Motor Corp and Sony Corp.
The Nikkei gained 169.33 points to 14,311.98, while the broader Topix rose 1.2% to 1,168.27.
Back home, Union Finance Minister P Chidambaram today said that regardless of any government at the Centre the country will grow by 5-6%, but to reach the brisk rate of 8 or 9% effective governance is needed.
The rupee weakened by 16 paise against the American currency in late morning deals today amid sustained demand for dollar from importers and some banks on the back higher dollar overseas.
According to Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services, “Yesterday's price action saw indices come out of the sell off of the previous week, Nifty thus climbing above the breakout point of 6040 (spot), F&O expiry does always invite extreme volatility and so we can expect this expiry also to be the same. Nifty levels to watch for would be 6040 (spot) on closing basis for sustenance of the upmove for this week. Positional traders can maintain a stop loss of 5942 (Spot).”
On the sectoral front, BSE PSU, Power, Realty and Oil & gas indices have surged by 1% each. However, sectors like Banks, Healthcare, Auto and IT are trading marginally in positive zone.
Coal India has gained over 3% after it reported better-than-expected 35% year-on-year (yoy) jump in its consolidated net profit at Rs 5,413 crore for the fourth quarter ended March 31, 2013 on back of higher than expected sales volumes.
Other notable gainers are BHEL, GAIL, Bharti Airtel and NTPC, all gaining between 2-3%.
On the losing side, Sterlite, M&M, HDFC, Sun Pharma and L&T have declined between 1-2%.
Among other shares, Sun TV Network is trading lower by 2% at Rs 411, ahead of its promoter stake sale plan vide offer-for-sale (OFS) tomorrow to meet the Sebi minimum public shareholding norms.
Britannia Industries has moved higher by 5% to Rs 699, extending its previous day’s 16% rally, after reporting a robust 66% year-on-year (yoy) growth in its standalone net profit at Rs 88 crore for the quarter ended March 31.2013 against Rs 53 crore in a year ago quarter.
The market breadth in BSE remains neutral with 1,046 shares advancing and 1,051 shares declining.
