Sensex listless; financials up on Banking Bills hope
Indian equity benchmarks were lacklustre as investors looked cautious ahead of outcome of the winter session of Parliament that started today.
Indian equity benchmarks were lacklustre as investors looked cautious as the winter session of Parliament kickstarts today.
The 30-share BSE Sensex was up 49 points to 18,509.25 and the 50-share NSE Nifty gained 12.5 points at 5,627.25.
Experts feel that the winter session is likely to be stormy with no major Bills passed. However, Independent Analyst, Ambareesh Baliga thinks that the market has already discounted that to a large extent.
Baliga is cautions on the market. "It's a no trade zone. We are in the region of 5,550 to 5,650. It’s better to stay out for a while. In case things move well and we are able to break 5,650 decisively on the upside then one can start buying, but till then one should just stay out," he adds. Also Read: Winter session of Parliament: What are brokerages expecting
Public sector lender State Bank of India climbed 1.37 percent while its rivals ICICI Bank and HDFC gained 0.4 percent on hopes that Banking Laws (Amendment) Bill is likely to be passed.
Housing finance company HDFC, software services provider Infosys and engineering conglomerate Larsen & Toubro advanced 0.6 percent each.
Meanwhile, private oil & gas producer Reliance Industries was down 0.3 percent while commercial vehicle maker Tata Motors, private power producer Tata Power and software exporter major TCS fell 0.6 percent.
Cement stocks like Ambuja Cements and ACC were under pressure, losing 2 percent and 1 percent, respectively.
In the second line shares, Blue Dart rallied 10 percent ahead of offer for sale issue that will begin tomorrow. STC India, National Fertiliser, Sun Pharma Advanced and Greaves Cotton were up 3-6 percent.
Max India, City Union Bank, Ybrant Digital, Mahindra Holidays and Sanofi India were down 2-3.5 percent.
At 9:20 hours IST: Sensex gains 60 pts on positive Asian cues
The BSE Sensex gained 60 points in early trade on Thursday following positive Asian cues, helped by banking & financials, FMCG, capital goods and metals stocks. Investors will closely watch the stormy winter session of Parliament that will start today as the BJP says Parliament will not function unless the government agrees on a vote on FDI in retail.
The 30-share BSE Sensex was up 61.27 points to 18,521.65 and the 50-share NSE Nifty went up 14.75 points to 5,629.55. Also Read: Winter session of Parliament: What are brokerages expecting
Asian markets were trading higher barring Shanghai. Hang Seng, Nikkei, Straits Times, Kospi and Taiwan Weighted were up 0.3-1 percent whereas Shanghai lost 0.5 percent.
Back home, country's largest lender State Bank of India was up 1.37 percent whereas its rivals ICICI Bank and HDFC Bank moved up 0.4-0.6 percent.
Housing finance company HDFC, engineering conglomerate Larsen & Toubro and FMCG major Hindustan Unilever advanced 0.6 percent.
Among auto stocks, Tata Motors, Mahindra & Mahindra, Maruti Suzuki, Bajaj Auto and Hero Motocorp gained 0.6-1.3 percent.
Shares of ITC, TCS, Sun Pharma and Tata Power were down 0.2-0.8 percent.
The CNX Midcap rose 27 points to 7,783. The market breadth was strong; about 653 shares advanced while 205 shares declined on the National Stock Exchange.
In the second line shares, West Coast Paper was locked at 5 percent upper circuit.
Great Offshore gained 3 percent. Kingfisher, SpiceJet and Jet Airways climbed over 1 percent. Anant Raj Industries was up 1.8 percent. Pantaloon Retail moved up 1 percent ahead of the winter session of Parliament.
On the losing side, Blue Dart fell 2 percent as promoter DHL is going to offload 6.03 percent stake on Friday.
Hindustan Copper was down 0.7 percent after empowered group of ministers has cleared 4 percent divestment in the company.
Among media stocks, Zee Entertainment and Den Networks were up 1-1.5 percent.