Key equity benchmarks ended another listless day of trade in the green.
The first of the resistance levels has been taken out by the market, says technical analyst Sudarshan Sukhani. "The next resistance is at 5980. So, there is a tradable move, which is available to us from 5920 to 5980," he told CNBC-TV18 in an interview.
BSE realty was the best performing sectoral index with gains of 2 percent; Peninsula Land jumped 6 percent, DLF rises 3 percent.
BSE consumer durables index ended the day at the bottom of the sectoral pack with modest gains of 0.3 percent; TItan Industries in the red.
About 1668 shares have advanced, 1149 shares declined, and 680 shares are unchanged.
Shares of ACC and Ambuja Cements gained after shareholders at each of the cement makers separately approved paying technology fees to controlling stakeholder Holcim of 1 percent of net annual sales. The approvals remove an uncertainty that had been weighing on the Indian companies, as some investors had feared a protracted process over a decision that had been unpopular with shareholders.
ACC gained 2.80 percent while Ambuja Cements is up 1.55 percent. Holcim holds a 50.3 percent stake in ACC and 50.6 percent in Ambuja Cements.
Shares in Kingfisher Airlines gain by its daily limit of 5 percent after controlling stakeholder United Breweries Holdings raised the amount it can lend to the ailing carrier.
United Breweries said it had raised the limit of loans for Kingfisher to Rs 7.5 billion from Rs 3 billion, according to an exchange filing on Monday. The statement came after lenders to Kingfisher said on February 12 that they would take initial steps towards recovering USD 1.4 billion of loans in default after the company failed to come up with a viable funding plan.
UB Group, the parent of both Kingfisher Airlines and United Breweries, has told lenders it would consider using proceeds from a stake sale in a separate group company to Diageo Plc.
Hotel Leela Venture shares went up nearly 10 percent, a day after the company sold its IT park building in the city of Chennai for Rs 1.7 billion to Reliance Industries, according to an exchange filing.
Traders say the hotel operator will be able to reduce debt, a critical factor given higher interest costs led Hotel Leela Venture to post a net loss of Rs 970 million in the October-December quarter, despite what analysts called a better-than-expected top line performance.
The top Sensex losers: Bharti Airtel (-1.94 percent), GAIL (-1.37 percent), Hero Motocorp (-1.37 percent), Coal India (-1.35 percent), Jindal Steel (-0.79 percent).
(With inputs from Reuters)
Barring certain stocks, equity markets on Tuesday reamined largely flat slipping in and out of the red zone. At 2.30 PM, the Sensex was up 23.02 points at 19524.10, and the Nifty moved up 8.85 points to 5907.05.
It's a quiet session for the market as the Nifty is hovering around 5900. Select commodities dragged, while pharma stocks have lend their supports.
At 09.34 hrs IST, the Sensex is up 2.03 points or 0.01% at 19503.11, and the Nifty down 2.50 points or 0.04% at 5895.70.
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Economy turning for sure but cant say for mkts: DSP