 "Stock market: A roller coaster ride for Indian equities")
Benchmark indices continue to trade in a narrow range with negative bias weighed down by metal and oil shares.
At 13:58 pm, the Nifty 50 index was trading 16 points lower at 8,137 levels, while the S&P BSE Sensex as trading 41 points lower at 26,478 levels. Broader markets are underperforming- BSE Midcap and Smallcap indices are down 0.1%-0.4%.
“Momentum indicator RSI is trading near neutral zone (RSI at 45) favoring consolidation within the range. Therefore only a sustained breach outside the range could see directional momentum,” added Sacchitanand Uttekar, Equity Technical Analyst of Motilal Oswal Securities.
In the macro-economic front, the Reserve Bank Friday imposed certain restrictions on withdrawal if more than Rs 2 lakh has been deposited post November 9 in an account which has a balance of over Rs 5 lakh.
Exports rose for the third straight month in November, recording a growth of 2.29 per cent, though the trade deficit shot up to about two-year high of $13 billion mainly due to increase in gold imports.
Among overseas market, Asian stocks were tepid, reflecting the differing fortunes for developed and emerging market economies faced with higher U.S. interest rates.
The dollar stood near a 14-year peak, bond yields were highly elevated and Asian stocks struggled for traction on Friday as global markets continued adjusting to the idea of higher U.S. interest rates.
Back home, shares of railway related companies mainly small-sized such as Texmaco Rail & Engineering, Titagarh Wagons, Kalindee Rail Nirman (Engineers), Stone India and Kernex Microsystems were up between 3% and 7% on the BSE in an otherwise subdued market.
Tree House Education & Accessories hit record low of Rs 24.25, down 19% on the National Stock Exchange (NSE) on back of heavy volumes after media report suggested that the preschool chain, TreeHouse Playgroup is likely to shut its branches.
Tata Communications was up 6% to Rs 670 on the BSE in intra-day trade after the Neotel said it has received unconditional approval from the Independent Communications Authority of South Africa (ICASA) for acquisition of Neotel by Liquid Telecom.
