Sensex moves in tight range

Last Updated: Thu, Jun 28, 2012 06:34 hrs

With investors mostly treading a cautious path, the market is moving in a tight band this morning amid alternate bouts of buying and selling at several counters.

Though Wall Street ended on an upbeat note overnight thanks to some buoyant economic data, and the European markets too moved higher on some hectic buying, the mood back home remains somewhat cautious even as a section of investors indulge in some brisk buying amid hopes the government will soon start speeding up reforms.

At 17,025.98, the Sensex is now up 58.22 points or 0.34% from its previous closing mark. The Nifty index of the National Stock Exchange is up 16.50 points or 0.32% at 5158.40.

Power, capital goods, metal and PSU stocks are finding good support. FMCG, consumer durables and healthcare stocks are trading mixed, while information technology, oil, automobile, bank and realty stocks are mostly trading flat.

Tata Power is trading stronger by nearly 2% thanks to sustained buying at the counter. NTPC, Infosys, Mahindra & Mahindra, BHEL and Jindal Steel are up 1% - 1.5%.

Coal India, Maruti Suzuki, ICICI Bank, ITC, Hindalco, Larsen & Toubro, Tata Steel, Sterlite Indsutries, ONGC and HDFC are also trading firm, albeit with less pronounced gains.

Tata Motors is trading lower by over 1%. GAIL India, Hindustan Unilever, Tata Consultancy Services, State Bank of India and Bajaj Auto are also trading weak.

Bajaj Finserv, Manappuram Finance, MMTC, Indian Hotels, United Phosphorus, Godrej Industries, Opto Circuits, Century Textiles, Torrent Power, Jain Irrigation Systems, Rashtriya Chemicals & Fertilizers, Hindustan Copper, JSW Energy, Petronet LNG and United Breweries are up 2% - 5%.

Brigade Enterprises shares jumped nearly 8% following an announcement from the company that it has signed a joint venture deal with Government of Singapore.

Axis Bank and Yes Bank are trading lower by 2.8% and 1.5%, respectively. Both these stocks have tumbled on strong volumes on reports HSBC is planning to sell its entire stake in these two banks.

Financial Technologies, IDFC, Shriram Transport Finance, HCL Technologies, Bosch, Nalco, Zee Entertainment, IndusInd Bank, Reliance Infrastructure and Apollo Tyres are also trading notably lower.

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