Nov 22, 2012, 12.15 PM | Source: Moneycontrol.com
Indian equity benchmarks were lacklustre as investors looked cautious ahead of outcome of the winter session of Parliament that started today.
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.