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Benchmark indices remain volatile in a narrow range with Sensex and Nifty swinging between negative and positive zone.
Foreign institutional investors (FIIs) bought shares worth a net Rs 1158.57 crore on Monday, 18 November 2013, as per provisional data from the stock exchanges.
At 2:30 PM, the 30-share Sensex was up 40 points at 20,890 and the 50-share Nifty was up 14 points at 6,203.
Adds Pritesh Mehta, Senior Technical Analyst, India Infoline, “Post-Diwali period, Nifty corrected more than 300 points and and also broke below the rising trendline which connected all the higher lows from the levels of 5,200 since August. Current rally can be best described as a short-term bounce from oversold levels. So distribution is quite possible around 6,250-6,270 levels. Formation of a lower high below 6,342 would signal a topping out pattern. Booking profits at higher levels would be a wise strategy.”
On the global front, Asian shares edged to a two-week high on Tuesday, riding on the previous day's hefty gains sparked by optimism over China's economic reform plans, while the dollar was hobbled by expectations the US Federal Reserve will keep its stimulus a little longer.
MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1%, adding to Monday's 1.4% rally fed by a sharp jump in Chinese stocks and heading for a fourth straight day of gains.
Back home, the rupee gained past 62 to a dollar to a near two-week high on Tuesday on heavy selling by foreign banks on behalf of their overseas clients.
On the sectoral front, BSE Capital Goods and TECk indices have gained by 1% each followed by counters like Auto, Oil & Gas and IT, all gaining marginally. However, BSE Metal and Consumer Durables indices have declined between 0.5-1%.
The main gainers on the Sensex at this hour include Hindalco, Maruti Suzuki, SBI, Bharti Airtel, JSPL, GAIL, L&T and Infosys, all gaining between 1-3%.
Larsen and Toubro (L&T) is trading higher by 2% at Rs 995, its highest level since July this year on the Bombay Stock Exchange (BSE).
Infosys has risen over 1%. The stock hit a 52-week high in intraday trade.
Bharat Heavy Electricals Limited (BHEL) has moved higher by 1.4% at Rs 142, recovering nearly 3% from intra-day’s low, after the company has received order worth of Rs 1,300 crore from the state-owned electric utilities firm NTPC.
On the losing side, Sesa Sterlite, HDFC Bank, Coal India, Tata Steel and Bajaj Auto dipped between 1-3%.
Among other shares, IFGL Refractories has soared 11% to Rs 61, extending its past five day’s rally, on reporting a robust earnings for the second quarter ended September 30, 2013 (Q2FY14).
Shalimar Paints has rallied nearly 15% at Rs 95 on back of heavy volumes on the bourses.
Among broader markets, BSE Midcap and Smallcap indices have gained between 0.1-0.3%.
