The BSE benchmark Sensex was trading in narrow band in the afternoon trade on persistent buying mainly in auto, capital goods, PSU, banking, healthcare and refinery counters on the back of higher Asian cues.
Key benchmark indices edged higher in early trade to hit their highest level in more than two-and-a-half weeks on mostly higher Asian stocks. The 50-unit S&P CNX Nifty regained psychological 5,000 mark.CLICK HERE to listen to the mid market updates with moneycontrol.com's
Chelsea Saldanha.
The market may remain volatile this week as traders roll over positions from the near-month May series to June series. The May derivatives contracts will expire on coming Thursday. The BSE benchmark Sensex resumed higher at 16,500.04 and moved up further to 16,505.35, but declined afterwards to 16,410.23 before quoting at 16,468.99, showing a net gain of 52.15 points of 0.32% from its last close. The NSE 50-share Nifty also moved up by 13.35 points of 0.27% to 4,999.00 at 1030 hrs.Major gainers were Maruti Suzuki (1.75%), Tata Motors (1.59%), BHEL (1.40%), Coal India (1.24%), Gail India (1.22%) and SBI (0.70%).Asian stocks rose for the second day in a row after opinion polls in Greece showed a lead for a party favouring the country's economic bailout in upcoming elections and amid expectations for a policy stimulus in China to support growth. Key benchmark indices in China, Singapore, Hong Kong, Taiwan and South Korea were up by 0.29% to 2.39% while indices in Indonesia and Japan fell by between 0.02% and 0.4%.Morgan Stanley downgrades RComMorgan Stanley has downgraded its view on India's telecom sector to "in-line" from "attractive", citing increased regulatory risks tied to the spectrum auction, and "relatively weaker" 3G outlook.The brokerage has cut its rating on Reliance Communications to "underweight" from "equalweight", and slashed its target price to Rs 51 from Rs 109, citing a weaker balance sheet and saying the company faced the highest regulatory risk.
Morgan Stanley has also cut Idea Cellular to "equalweight" from "overweight", while reducing its target price to Rs 87 from Rs 134, citing its smaller balance sheet and a 32% outperformance in the last twelve months.
Broader Markets
Top gainers on the BSE Midcap: South Indian Bank, Godfrey Phillip, Biocon, Prestige Estate and Fortis Health were up 3-7%.
Top losers on the BSE Midcap: Bajaj Electricals, eClerx Services, KSK Energy, Aurobindo Pharma and Voltas down 2-7%.
Top gainers on the BSE Smallcap: Brigade Enterprises, Inventure Growth, CMI FPE, Gati and Bombay Burmah up 6-11%.
Top losers on the BSE Smallcap: Parenteral Drug, Newtime Infra, KNR Constructions, Vaarad Ventures and Asian Hotel (E) down 4-6%.(With inputs from PTI, Reuters) Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
