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After a positive start market surged higher in early trades on Tuesday and witnessing a pull back from lower levels. Benchmarks recoved after falling for five consecutive sessions.
Market has remained in a narrow range after the initial uptick with the benchmark Sensex moving only around 53 points or 0.25% between its day's high and low levels.
At 1100hrs, the 30-share BSE Sensex is trading at 20,760 levels up by over 100 points while 50-share NSE Nifty was up 24 points at 6,183 levels. Nifty is taking support at its 50 DMA even as investors turn to frontline stocks looking for profit hunting.
The Indian ruppe opened marginally lower at 61.82-a-dollar agains its previous close of 61.74 against the greenback. Its is currently trading at 61.94-a-dollar.
BSE Healhcare is leading the indices tracking sectors followed by TECk, IT, Capital Goods and Auto. BSE Bankex is the sole laggard at this hour.
Bharti Airtel is the top Sensex gainer, up 3.4% followed by Cipla, up 2.7%, TCS is up 1.9%, Sesa Sterlite and Dr. Reddy's Labs, Maruti Suzuki, ICIC Bank,Tata Power, BHEL, Hindalco are up between 1-1.7%.
(Update at 1100hrs)
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After a positive start market opened higher on Tuesday and witnessed a pull back from lower levels. Becnhmarks recovered after falling for five consecutive sessions. Experts believe market is expected to to turn choppy later as investors remain wary of key central bank policies in both US and India.
The 30-share BSE Sensex opened at 20,760 levels up by over 100 points while 50-share NSE Nifty was up 24 points at 6,183 levels in opening trade. Nifty is taking support at its 50 DMA even as investors turn to frontline stocks looking for profit hunting.
The Indian ruppe opened marginally lower at 61.82-a-dollar agains its previous close of 61.74 against the greenback.
The Reserve Bank of India (RBI) announces Mid-Quarter Review of Monetary Policy for 2013-14 tomorrow, 18 December 2013.
Whole Price Inflation (WPI) inflation numbers, announced earlier, increased 7.52% yoy in November 2013 led by a 19.93% yoy inflation in primary food products and 11.08% yoy inflation in fuel and power. Even the Consumer Price Index (CPI) based inflation, announced earlier for October 2013 rose to 11.24% yoy (October 2013:10.2% yoy).
Market pundits now expect RBI to increase the repo rate by 25bps in its forthcoming policy.
A majority of economists expect the taper to happen in March, but a recent run of upbeat economic data has steadily raised the odds for an announcement at this week's two-day meeting concluding on Wednesday, or in January.
Asian shares got off to a promising start on Tuesday on the back of rising US manufacturing output and a jump in euro zone business activity, ahead of a key US Federal Reserve policy decision later this week Investors are on tenterhooks over when the Fed will start to reduce its $85 billion-a-month bond-buying programme, a major driver of global risk assets in recent years.
A majority of economists expect the taper to happen in March, but a recent run of upbeat economic data has steadily raised the odds for an announcement at this week's two-day meeting concluding on Wednesday, or in January.
Other shares
Alstom T&D has moved up nearly 2% on the National Stock Exchange (NSE) at Rs 181.3, after the company announced that it has entered into an agreement for sale for its land in Bengaluru for Rs 120 crore.
HDFC Bank is trading over 2% lower on the Bombay Stock Exchange (BSE) at Rs 667 levels after the Reserve Bank of India (RBI) barred foreign institutional investors (FIIs) from purchasing shares in the bank after their shareholding reached the maximum prescribed limit.
Apollo tyres stock surged after Cooper Tire & Rubber Co on Monday lost its court bid to force Apollo Tyres Ltd to complete their proposed $2.3 billion merger.
