Sensex, Nifty move in tight band; Tata Motors, Tata Steel among notable gainers

Last Updated: Mon, Nov 26, 2012 06:23 hrs

After a brisk start and a subsequent fall from higher levels, the market has been moving in a tight range for nearly a couple of hours this morning with investors mostly trading cautiously, amid a lack of prominent triggers.

Metal, consumer durables, healthcare, information technology and FMCG stocks are among the notable gainers. Capital goods stocks are also finding fairly good support.

Oil, power, realty, automobile and bank stocks are mostly subdued amid lackluster moves by investors. Midcap and smallcap stocks are outperforming the big ones.

The Sensex is now up 37.69 points or 0.2% at 18,544.26, nearly 50 points off the day's high of 18,590.33. The Nifty index of the National Stock Exchange is up 6.90 points or 0.12% at 5633.50.

Tata Motors is trading stronger by 2.2%. Sesa Goa is up by a little over 2%, while Tata Steel and Hindalco are trading nearly 2% up from their previous closing prices.

Hindustasn Unilever, IDFC, Dr Reddy's Laboratories, Asian Paints, Bharti Airtel, Tata Power, Lupin and Infosys are up 1% - 1.6%. Larsen & Toubro, Wipro, Grasim Industries, Siemens, Hero Motocorp, Tata Consultancy Services, Coal India and Jaiprakash Associates are also up in positive territory with notable gains.

Mahindra & Mahindra is down more than 2.5%. Ultratech Cement is down with a loss of 1.6%. NTPC, Ambuja Cements, BPCL, HDFC Bank, BHEL, Sun Pharmaceutical Industries, Bank of Baroda, HDFC, ICICI Bank and Ranbaxy Laboratories are down 0.4% - 1.2%.

Glaxo Smithkine Private Limited has reportedly made a volunatry open offer, along with Horlicks Ltd and GlaxoSmithKline Plc, for its consumer products listed arm in India - GlaxoSmithkline Consumer Products Ltd for Rs 5220 crore. The move, if successful, could result in the delisting of Glaxo Smithkline Consumer Products shares at a later date. However,the chief strategy office of GlaxoSmithkline Plc has stated that there are no plans to delist the Indian entity as of now. The stock has hit the 20% upper circuit at Rs 3651.80.

In the currency market, the rupee edged up to 55.43 against the U.S. dollar in early trade this morning, gaiing 8 paise. On Friday, the partially convertible Indian currency had ended at 55.51 against the greenback, recording a loss of 30 paise.

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