Sensex, Nifty caught in tight band; Bank stocks trade firm

Last Updated: Thu, Nov 22, 2012 06:22 hrs

The market is moving in a tight range after a firm start and a subsequent mild retreat from higher levels. The mood, despite positive global cues, remains a bit cautious on the bourses amid lingering worries about the near term economic outlook.

Oil, consumer durables, FMCG, power and automobile stocks are a bit subdued. Select bank, capital goods, PSU and information technology stocks are trading higher. Realty and metal stocks are off their highs due to stiff resitance.

While the BSE benchmark Sensex is up 39.87 points or 0.22% at 18,500.25, the Nifty index of the National Stock Exchange is up 7 points or 0.12% at 5621.80.

Axis Bank, State Bank of India, Ambuja Cements, Punjab National Bank, Asian Paints, Infosys and Larsen & Toubro are up 1% - 2.2%. GAIL India, Bharti Airtel, Jaiprakash Associates, HDFC Bank, Mahindra & Mahindra and HCL Technologies are also trading firm.

Ultratech Cement, Sun Pharmaceutical Industries, Tata Motors, Siemens and IDFC are trading lower by 1% - 1.6%. Reliance Industries, Ranbaxy Laboratories, BPCL, Tata Power, Coal India, Power Grid Corporation, Kotak Bank and Sesa Goa are also trading weak.

Junior Nifty stocks Glenmark Pharmaceuticals, Union Bank of India, Idea Cellular, Biocon, Shriram Transport Finance, Zee Entertainment, JSW Steel, Crompton Greaves, Apollo Hospitals Enterprises and LIC Housing Finance are up with strong gains.

Container Corporation, Tech Mahindra, Dabur India, Godrej Properties, Titan Industries, Adani Enterprises, Hindustan Petroleum Corporation and Power Finance Corporation are trading weak.

Hindustan Copper, which plunged sharply in early trade, rebounded swiftly and is currently trading at Rs 263, up nearly 10% from its previous closing price. The stock is up following an announcement from the government that it would sell about 9.59% stake in the company through the Offer of Sale mechanism through a separate window. The sale will take place on Friday (23 November). As on 30 Septemebr, the government held a 99.59% stake in Hindustan Copper Limited.

Sterlite Technologies is trading modestly higher at Rs 30. According to reports, the state-run Arasu Cable Corporation has placed orders for set top boxes, worth around Rs 200 crore.

In the currency market, the rupee moved up 11 paise to Rs 55.01 against the dollar in early trade today at the Interbank Foreign Exchange on selling of the US currency by exporters and banks. On Wednesday, the partially convertible Indian currency had ended at 55.12 against the greenback, recording a marginal loss.

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