MUMBAI: Equities were taking a breather after a sharp rally in previous session and lack of cues from subdued Asian markets. Benchmarks were flat
while some buying activity was seen in midcap and smallcap space.
At 10:40 am, Bombay Stock Exchange’s Sensex was at 10138.38, up 61.95 points or 0.61 per cent. The 30-share index touched an intra-day high of 10,143.11 and a low of 9,995.37.
National Stock Exchange’s Nifty was at 3078.50, up 0.58 per cent or 17.75 points. The broader index hit a high of 3069.95 and a low of 3038.35 in trade so far.
“Nifty is once again trading very close to its short-term hurdle of 50 day EMA of 3073.40 levels. Both key parameters i.e. volumes and market breadth remained quite healthy and positive. As for today's trade indices faces strong hurdle around levels of 3120 with support around levels of 2970 on lower side. Any close above 50-day EMA will be positive for the indices in short term and current momentum may gain further strength however traders must take fresh review near weekly resistance of 3180 levels as mentioned earlier,” said Reliance Money report.
BSE Midcap Index was up 1.41 per cent and BSE Smallcap Index inched 0.90 per cent higher.
“Volatility can be the order of the day; an intra-day upside (seems like a possibility) could come in above the 3061 level while significant resistance at higher levels (3161) – would limit the upside. The outlook has turned positive again while resistance comes in at the 3100+ level and support comes in at the 2250 level,” said technical report by Asit C Mehta.
Inflation for week ended December 6 fell to 6.84 per cent against 8 per cent a week ago. Traders are now expecting further rate cuts from the Reserve Bank of India. This has led to demand in interest sensitive stocks.
Amongst the sectoral indices, BSE Realty Index was up 3.41 per cent, BSE Metal Index moved 2.05 per cent up and BSE Healthcare Index edged 1.34 per cent up. BSE Oil&gas Index was down 1.34 per cent as crude oil prices continued southward march and BSE IT Index slipped 0.44 per cent.
Tata Steel (4.34%), Ranbaxy Laboratories (3.22%), Sterlite Industries (2.97%), DLF (2.67%) and Tata Motors (2.56%) were the top Sensex gainers.
ONGC (-3.85%), TCS (-1.34%), RELIANCE Industries (-1.27%), Satyam Computers (-0.94%) and ACC (-0.62%) were amongst the major losers.
Market breadth was positive on the BSE with 1133 gainers and 479 losers.
In latest development, Bank of Japan has cut overnight call interest to 0.1 percent vs 0.3 per cent. Nikkei 225 reacted positively and was in the green.
