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Markets traded range-bound with a positive bias this Monday with 50-share Nifty hovering near crucial resistance level of 5,900 levels on back of buying witnessed in software makers, however, sentiments remained jittery after Rupee touched its record low earlier in the session.
The local currency touched 57.67, falling over 1 per cent against the US dollar raising fears that the overseas investors may soon pare their positions in Indian equity markets.
FIIs, so far, were net buyers in the equity markets with an investment of Rs 118 crore (about $21 million) during the week while local investors sold away riskier assets in the wake of deteriorating economic conditions and market volatility.
At 11:45AM, Sensex gained by 45 points at 19,475, and the Nifty up 14 points at 5,895 levels.
Global risk appetite was firm after US jobs data showed improvement in employment situation in the world’s largest economy, however, pick-up in growth was not seen enough for Federal Reserve to scale-back its bond-buying plan.
The Nikkei rose 3% to 13,265.22 at the midday break. The market was also buoyed by short-covering on exporters after the yen pulled back from a two-month high against the dollar.
Back home, the key sectoral gainers were IT, capital goods, power and automobiles while consumer durables, healthcare, banks and metal indices dropped on the BSE.
The gainers included counters such as TCS and Infosys notching up nearly 1% each while Wipro rose over 2%,Hero MotoCorp rose 2% and M&M added 1.4% on the BSE.
The laggards included names like Bharti Airtel fell 2.2%, Sun Pharma dropped nearly 1.5%,Jindal Steel shed 2% while ICICI Bank was down 1% on the BSE.
The key notable movers at this hour includes, VA Tech Wabag which is trading higher by 2% at Rs 459 after the company said it has won an order worth Rs 114.85 crore from Chennai Metropolitan Water Supply and Sewage Board.
Cinemax India is locked in upper circuit of 10% at Rs 125 on BSE on merger with the multiplex chain operator PVR.
The broader markets traded flat with mid-caps falling 0.1 per cent while small-caps rose 0.2per cent on the BSE.
The market breadth was positive. Out of 1,990 stocks traded so far, 973 stocks advanced while 903 declined on the BSE.
