Nifty rangebound; Hindalco, Tata Steel, Sesa Sterlite lead - Economic Times

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MUMBAI: The Nifty is witnessing a rangebound session with positive bias on the back of strong inflows from institutional investors. According to analysts, the market may turn volatile with positive bias in the near term with cyclicals in the markets are concerned, we do see that the markets will continue to remain volatile but with an upward bias. Over the past few weeks, the markets have touched new highs and that is largely based on optimism on the political front," said Dipen Shah, Senior Vice President-Private Client Group Research, Kotak Securities.

"Valuations are in excess of about 15 times one-year forward now and that is something which we believe that may provide some hindrance to the markets going ahead. Since momentum is on the side of the market, we believe that till the time the election results come in, the markets will have a positive bias and after that once when growth and valuations takeover, market will start reacting to them," he added.

At 01:00 p.m.; the 50-share index was at 6,529.55, up 12.90 points or 0.20 per cent. It touched a high of 6,541.20 and a low of 6,506 in trade today.

The S&P BSE Sensex was at 21,851.88, up 19.27 points or 0.09 per cent. It touched a high of 21,895.83 and a low of 21,795.94 in trade today.

The S&P BSE Midcap Index was up 0.43 per cent and the S&P BSE Smallcap Index was 0.51 per cent higher.

Among the sectoral indices, the S&P BSE Realty Index gained 0.86 per cent, the S&P BSE FMCG Index was up 0.88 per cent and the S&P BSE Power Index was 0.58 per cent higher.

The S&P BSE IT Index fell 2.46 per cent.

Hindalco (up 4.75 per cent), Tata Steel (up 4.33 per cent), Sesa Sterlite (up 2.72 per cent), Axis Bank (up 2.68 per cent) and ACC (up 2.30 per cent) were among the major index gainers.

TCS (4.40 per cent), Infosys (2.33 per cent), ONGC (1.68 per cent), M&M (1.38 per cent) and Coal India (0.98 per cent) were among the index losers.

TCS was under pressure after the company signaled muted revenue growth in the January-March quarter due to decline in India revenues.

The market breadth was negative on the NSE with 756 gainers against 652 losers.

The foreign institutional investors bought shares worth Rs 1011.95 crore while domestic institutional investors were net sellers worth Rs 201.97 crore on Tuesday as per the provisional data from the National Stock Exchange.

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