Equity benchmarks bounced back in late trade, helped by heavyweights ITC and HDFC. The 50-share NSE Nifty closed above 6000 level for the first time in last three sessions, rising 13.30 points to 6,001.70.
Equity benchmarks bounced back in late trade, helped by heavyweights ITC and HDFC. The 50-share NSE Nifty closed above 6000 level for the first time in last three sessions on some short covering, rising 13.30 points to 6,001.70.
The market has been consolidating since it touched the psychological 6000 mark last week on US fiscal cliff deal and diesel price hike hopes.
Experts have been bullish on the market saying the index will test new highs in the current year.
The Nifty has been very constructive and has a decent chance of retesting its all time high of 6,357, Louise Yamada, MD, Louise Yamada Technical Research Advisors said in an interview to CNBC-TV18.
Yamada is bullish on India and finds it as the most attractive market within the emerging market basket.
Meanwhile, cigarette major ITC and housing finance company HDFC topped the buying list in late trade, rising 2 percent each.
Country’s largest lender State Bank of India and telecom operator Bharti Airtel were up 1 percent each.
Healthcare firms remained on buyers’ radar. Dr Reddy’s Labs rose 1.1 percent, which hit record high of Rs 1,919.25 today. Sun Pharma and Cipla went up 1.3 percent.
Software services exporter TCS rose 0.6 percent whereas its rival Infosys and Wipro were down over 1.4 percent. Infosys is set to announce its third quarter results on Friday.
State-owned oil & gas producer ONGC moved up 0.8 percent while its rival Reliance Industries declined 0.5 percent.
Engineering conglomerate Larsen & Toubro fell 1.5 percent after Citi downgraded the stock to neutral with a reduced target price of Rs 1,732.
Metals stocks remained on sellers’ radar. Tata Steel, Sterlite Industries, Jindal Steel and Hindalco were down 0.8-1.6 percent.
Markets have picked up a bit with Nifty managing to cling on to the 6000 mark. At 15.04 PM, the Sensex is up 54.91 points or 0.28% at 19746.33, and the Nifty up 13.95 points or 0.23% at 6002.35.
At 1.30 PM, the Sensex was down 34.33 points or 0.17% at 19657.09, and the Nifty down 17.20 points or 0.29% at 5971.20.Sensex is down 26.26 points or 0.13% at 19665.16, and the Nifty down 16.45 points or 0.27% at 5971.95.
Indian equity benchmarks remained lacklustre since early trade due to lack of global and local cues. The fall in capital goods, metals and oil & gas stocks offset gains in ITC, HDFC, TCS, State Bank of India and Tata Motors.
Key equity indices drifted lower in early trade Tuesday, as the market tries to consolidate its recent gains.
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