Benchmarks Sensex and Nifty rolled out a dull trading day, void of any action. The 30-share BSE Sensex and 50-share NSE Nifty closed absolutely flat at 20103.35 and 6074.85 respectively.
While select largecap stocks in auto, banks and realty found takers, midcap index saw some meaningful movement, signifying investor interest in picking up smashed-out stocks.
In the auto space, Tata Motors and Hero MotoCorp gained 2.72 percent and 1.97 percent respectively, ICICI Bank and Axis Bank (perked by share sale news) were the frontrunners in the banking space with 1.62 percent and 2.38 percent rise respectively. Public sector banks have largely remained subdued although the market is positioned for a rate cut tomorrow . The Reserve Bank of India (RBI) will release its macroeconomic policy in an hour from now.
In the realty pack, DLF had been the top largecap pick and Prestige Estate remained a midcap favourite. Both stocks were up over 3 percent.
Today, oil and gas space found barely any takers; ONGC and Reliance were the top losers while Cairn and GAIL were gainers.
Midcaps performed better than its counterparts. India Infoline (5.22 percent), Radico Khaitan (4.98 percent), Redington ( 3.89 percent), and MCX India (3.70 percent) made good gains. HDIL languished in the red.
Equity benchmarks continue to languish in afternoon trade, even select stocks notch smart gains for themselves.
At 11.10 AM, the Sensex was up 8.53 points at 20112.06, and the Nifty up 0.15 points or 0.00% at 6074.80. Midcaps have regained some of its lost field after the battering it received last week
The BSE Sensex is up 0.16 percent and the Nifty is up 0.14 percent. Bank stocks gain ahead of Reserve Bank of India's policy review on Tuesday, anticipating at least a 25 basis point cut in benchmark rates.
At 09.21 hrs IST, the Sensex was trading up 25.27 points at 20128.80, and the Nifty up 6.30 points at 6080.95.
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Economy turning for sure but cant say for mkts: DSP