Volatile Sensex flat; technology, oil & gas stocks down

The BSE Sensex and NSE Nifty remained lacklustre for third consecutive session today due to lack of global and domestic cues. In actual, globally every market is waiting for the ECB meet scheduled for July 5 as investors expect some policy action to ease ongoing Eurozone debt crisis. Among Asian markets, Nikkei, Kospi and Straits Times moved up over 0.5% while Shanghai, Hang Seng and Taiwan Weighted were flat.
 
The BSE benchmark went up 28.60 points to 17454.31 and the NSE benchmark gained 8.55 points at 5,296.50. However, the Indian rupee depreciated by 14 paise to 54.50 against the US dollar after rising in four previous sessions from 57.15 a dollar.

Metal stocks extended gains as copper surged 2.5% yesterday on London Metal Exchange (on hopes of monetary easing in China). A state-owned newspaper in China said the time is ripe for a reduction in banks' reserve-requirement ratios, which means monetary easing.

Shares of Sterlite Industries, Jindal Steel and Sesa Goa rallied 3-3.5%. Tata Steel and Hindalco were up over 1%. The BSE Metal Index gained nearly 2%.

Housing finance company HDFC and top telecom operator Bharti Airtel rose 1% and 1.5%, respectively.

Country's largest lender State Bank of India was up 1.5% while its rivals HDFC Bank and ICICI Bank were up around 0.5%.

However, state-owned oil & gas producer ONGC tanked 2.5% as sharp rally in crude oil prices could be the reason. Iran missile tests and Bullish API report aided crude oil rally. Brent crude hit a session high of USD 101.6 a barrel while WTI crude was up 4% at USD 87.7 a barrel as API says inventory was down by 3 million barrels yesterday.

Shares of HUL, Reliance Industries, TCS, Infosys and ITC were trading marginally lower. Technology stocks were down due to volatility in rupee; Wipro was down 1.5%.

Most active shares on the BSE were State Bank of India, OnMobile Global, Reliance Capital, Indraprastha Gas and HDIL.

In the second line shares, Whirlpool, Blue Star, Voltas, Anant Raj Industries and Hindustan National Glass gained 5-9%.

Smallcap stocks like Hitachi Home shot up 16% and Symphony was up 13%. Industrial Investment, OnMobile Global and Goodricke Group rallied 9-10%.

About two shares advanced for every share declining on the National Stock Exchange.