After a strong Tuesday, the day saw a stable close today. Gaining 109 points, the Sensex ended at day’s high while the Nifty added 34.35 points to close at 5818.60. Overall, the market remained in narrow trading range. Steady European markets also boosted sentiments in India.
Gainers of the day were Sterlite Industries (up 4.7 percent), Hindalco (up 3.4 percent) and Tata Motors (up 2.9 percent).
Star of the market were high beta stocks like realty and infra. Among the realty stocks, HDIL was up 13.1 percent while Anant Raj, Sobha Developer and DLF gained around 7-3 percent each.
Engineering & construction major Larsen and Toubro (L&T) added around 3 percent intraday as Goldman Sachs upgraded the stock to a buy rating, with a target price of Rs 1710.
Banking stocks also saw some buying interest ahead of the Reserve Bank of India's monetary policy on March 19. Bank of Baroda, PNB, IDBI Bank, SBI and ICICI Bank added around 2.7-1.2 percent each.
Top losers on the Sensex include M&M (down 2.2 percent) while HUL, ITC and Maruti fell around 1 percent each. AstraZeneca Pharma lost nearly 7.3 percent to touch a 52-week low of Rs 711.20 in early trade after the company said its promoter AB Sweden decided to reduce stake in the company.
Analyst SP Tulsian feels that the market has partly gone up by the short covering but even the valued buying or the informed buying again has emerged in some of the space. According to him, PSU banking stocks like OBC, Union Bank, Allahabad Bank, State Bank of India and PNB look quite good. He also prefers Pantaloons, Tata Global and YES Bank.
Sudarshan Sukhani, s2analytics.com believes that the market has begun a short-term uptrend. "That uptrend should be sustained and continue for some more time," he adds.
At 14.17 PM, the Sensex was up 72.64 points at 19215.81, and the Nifty rose 23.75 points at 5808.00.
Key equity benchmarks continue to trade on a positive note. The Sensex is up 97.30 points at 19240.47 and the Nifty up 27.70 points at 5811.95. About 1591 shares have advanced, 898 shares declined, and 1009 shares are unchanged.
Key equity benchmarks continue to trade strong in early afternoon trade. The Sensex is up 105.05 points or 0.55 percent at 19248.22. Meanwhile, the Nifty is up 29.50 points or 0.51 percent at 5813.75.
Led by metals and auto, headline indices opened with a gap up, but appeared exhausted after the tremendous rally on Tuesday. At 09.21 AM, the Sensex was up 81.83 points at 19225.00, and the Nifty rose 20.45 points at 5804.70.
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