Mumbai: It was completely a rangebound session for the BSE Sensex and NSE Nifty on Tuesday as the market took its time to digest lower than expected measures announced by RBI on Monday to curb rupee's slide and weak global cues. The market may still be hoping that the government may announce more measures going ahead to give a boost to sluggish economic growth.
The BSE benchmark rose 24.42 points to close at 16,906.58 after moving in a range of 131 points intraday. The NSE benchmark moved up 6.15 points to 5,120.80 after hitting an intraday high of 5,134.55 and low of 5,095.50.
Globally every market is waiting for the European Union summit that scheduled for June 28-29 in Brussels, but market experts are not hopeful for any solution to ongoing Eurozone debt crisis. On Monday, Cyprus, third smallest economy in Eurozone, also joined the bailout queue (after Greece, Ireland, Portugal and Spain) due to heavy exposure to Greece and Fitch downgrade to junk.
Jerome Booth of Ashmore Investment doesn’t expect to see significant positive announcements from the summit. He says that hopes of sustainable measures from the European Union summit are fading. “I am afraid it’s probably going to be more of the same pattern of policy makers being behind the curve, rather than in front,” he said.
France's CAC, Germany's DAX and Britain's FTSE were flat at 15:31 hours IST. The Dow Jones and Nasdaq futures were marginally higher.
Back home, oil & gas producers Reliance Industries and ONGC gained 1-1.5 per cent. State-owned gas transportation services provider GAIL topped the buying list, rising 2.7 per cent.
Country's largest software services exporter TCS rose 1.4 per cent whereas its rival Infosys declined 1 per cent.
Private sector lender HDFC Bank was up 1.3 per cent while its rival ICICI Bank fell 0.2 per cent. Defensives like Sun Pharma, Dr Reddy's Labs and Cipla were up 0.5-1 per cent.
Among auto stocks, Mahindra & Mahindra and Hero Motocorp rose 1 per cent each; Tata Motors and Bajaj Auto moved up 0.3-0.6 per cent.
State-owned power producer NTPC and power equipment manufacturer BHEL went up 0.8 per cent whereas engineering and construction major by sales Larsen & Toubro was down 0.45 per cent.
However, FMCG majors ITC and HUL fell 1-2 per cent. Top telecom operator Bharti Airtel declined 0.8 per cent. Steel makers Sterlite Industries and Tata Steel lost 1 per cent each.
The Indian rupee continued to move around 57 to the dollar level today. The broader markets too were flat as the market breadth was neutral.
In the second line shares, media and entertainment stocks like Dish TV, Sun TV and Zee Entertainment gained nearly 3%. TV Today and Network 18 (Note: Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group) shot up over 7 per cent.
Gold loan financing companies Muthoot Finance and Manappuram Finance surged 11 per cent each. 3i Infotech, Tata Global Beverage, United Phosphorous and Gati were up 3.5-9 per cent.
However, Essar Oil, JSW Energy and Jagran Prakashan were down 3-5 per cent. Sintex Industries and Alok Industries declined 1.4 per cent each.
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