Sensex, Nifty move in tight band

Source : SIFY
Last Updated: Mon, Dec 24, 2012 06:22 hrs
Sensex gains 472 pts; posts biggest rise in 3 months

The market, which gave up some gains after opening on a high note this morning, remains in positive territory amid alternate bouts of buying and selling in front line stocks. The mood, despite the gains, remains somewhat cautious due to concerns about the near term outlook for the domestic as well as global economies.

At 19,296.21, around 50 points off the day's high of 19,347.64, the Sensex is now up 54.21 points or 0.28% from its previous closing mark. The Nifty index of the National Stock Exchange is up13.70 points or 0.23% at 5861.40, off the day's high of 5871.90.

Information technology stocks remain steady, holding most of their early gains. Pharma stocks are seeing some hectic activity. Select realty, automobile and metal stocks are trading firm.

Power, FMCG, bank, capital goods and oil stocks are a bit subdued amid lackluster trades. Midcap and smallcap stocks have pared some early gains.

Among the stocks in the IT space, Infosys, Tata Consultancy Services, Wipro, HCL Technologies and Tech Mahindra are up 1% - 1.6%. Mahindra Satyam is up nearly 2%.

Oracle Financial Services, Hexaware, KPIT Cummins, NIIT Technologies, Polaris, Educomp Solutions and CMC are up with sharp to moderate gains.

Aurobindo Pharma is trading stronger by nearly 2% following an announcement from the company that it has received final approvals for Ondansetron Injection, used to prevent nausea and vomiting caused by cancer chemotherapy and surgery.

Glenmark Pharmaceuticals Limited shares are up 3%. The company has announced that it has signed development agreement with Forest Laboratories for worldwide collaboration on Novel Agents to treat chronic inflammatory conditions. Under the terms of the agreement, Forest will make a $6 million upfront payment to Glenmark and provide an additional $3 million to support the next phase of work, it added.

FDC is up more than 13% amid heavy volumes on reports the promoters of the company are planning to sell majority of their stake in the company. After opening at Rs 95.40, the stock went on to hit a 52-week high of Rs 104.40.

Union Bank of India is up 1.5% at Rs 266.60. The bank has announced that it will be raising up to Rs 1,500 crore through Tier I and Tier II bonds in the current financial year. The Public Sector Bank announced this in a notice on the Bombay Stock Exchange, that the bank's Board approved the fund raising in its meeting held on December 22, 2012.

In the currency market, the rupee declined to 55.17 against the U.S. dollar in early trades this morning, losing 11 paise, due to appreciation of the greenback against the euro and other major currencies. On Friday, the rupee had closed 21 paise down at 55.06 a dollar.

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