Sensex moves in tight band amid cautious trades

Last Updated: Fri, Jul 05, 2013 09:11 hrs

With several front line stocks still trading firm on sustained buying support, the market looks headed for a positive close today. However, due to profit taking in some stocks, the key indices are fairly well off the day's highs now.

The decison of the European Central Bank and the Bank of England to keep rates at low levels for an extended period of time in order to support growth, triggered some hectic buying on the European bourses on Thursday, and set up a bright start for Asian markets this morning.

Though Asian markets ended on a firm note today, European markets are somewhat subdued at present, with investors choosing to take some profits ahead of key jobs data out of the U.S.

The mood back home, has turned a bit cautious past mid afternoon with a section of investors moving on to the sidelines, choosing to play it safe ahead of the weekend.

The Sensex, which has surged to 19,640.27 earlier in the day, is currently at 19,501.95, up 91.11 points or 0.47% from its previous close. The Nifty is up 25.85 points or 0.44% at 5862.80, well off the day's high of 5900.45.

Jindal Steel & Power, back in demand since Thursday morning after a few strong rounds of selling earlier in the week, is up 2.7% at Rs 222. ONGC has gained 2.3% and Reliance Industries is trading 2.1% up, contributing significantly to the market's journey in positive territory.

HDFC Bank, Tata Motors, ITC, Hindustan Unilever, Cipla, BHEL and Tata Power are up 1% - 1.8%. Sun Pharmaceutical Industries and Larsen & Toubro are up with modest gains.

Bharti Airtel, GAIL India, Mahindra & Mahindra, ICICI Bank, Hindalco, State Bank of India and Coal India are down with sharp to moderate losses.

IDFC, Jaiprakash Associates, Sobha Developers, Thermax, Mahindra & Mahindra Financial Services, Exide Industries, Aditya Birla Nuvo, NMDC, Colgate Palmolive,Tata Communications, Oberoi Realty, Future Retail and Mangalore Chemicals & Fertilizers are up 2% - 4%.

Wockhardt has lost nearly 8%. Gitanjali Gems, MMTC, Emami, JP Power, JSW Energy, Idea Cellular, Dish TV India, Amara Raja Batteries, Gujarat State Petronet, Glaxosmithkline Pharmaceuticals, LIC Housing Finance, Videocon Industries, Century Textiles and Unitech are also down with sharp losses.

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