The market kicks off the August series on a quiet note. The Nifty holds above 5900 led by capital goods and select rate sensitives. The Nifty is up 5.20 points at 5912.70 and the Sensex is up 24.59 points at 19829.35.
Wipro, M&M, Bajaj Auto, Hero MotoCorp and L&T are major gainers in the Sensex. Meanwhile, Sun Pharma, Jindal Steel and Tata Motors are major losers.
"Our stop for the Nifty should be tightened because it has been a very decent rally and the stop should now be at 6,030. Just go with the flow," he says.
The market is hoping for a 25 basis point rate cut from Reserve Bank of India (RBI) on Tuesday. If the central bank disappoints then one should be ready for sharp intraday volatility in the banking index, which could hit the overall market sentiment.
Indian market has been lacking investors‘ interest. The Sensex was up 49.10 points or 0.25% at 19517.25 while the Nifty gained 9.60 points or 0.16% at 5897.00.
Dalal Street got a touch of nerves as crude prices hit a 32-month high soaring to USD 124 per barrel. Rise in oil prices could be one of the reasons for the day’s selloff—at least that is what experts feel.