Market trades near baseline; PSU, Bank stocks support Analysis for Apr 09, 2015

Posted By: Religare
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The domestic Indian benchmark index Sensex was trading in a range in the afternoon session on Thursday. The BSE Sensex surged nearly 35 points and the NSE Nifty managed to remain above the 8,700-mark. Further, Banking shares were trading higher on the bourses after Moody's Investors Service changed India's outlook to 'positive' from 'stable' earlier and affirmed 'Baa3' credit rating. On the other hand, the broader markets both BSE midcap and smallcap were outperformed the front-liners with gains of around 0.4 per cent to 0.6 per cent respectively. The stocks of banking, public sector undertaking and consumer durables sectors were leading the gains. Shares of Reliance Industries, Axis Bank, ICICI Bank, Tata Steel and HDFC Bank, were among notable gainers on BSE.

At 12:12 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 28743.2 up by 35.45 points or by 0.12 per cent while the NSE Nifty was at 8719.7 up by 5.3 points or by 0.06 per cent.

The broader market was moving above baseline. The BSE MIDCAP was at 11070.9 up by 48.73 points or by 0.44 per cent, while the BSE SMLCAP was at 11709.15 up by 73.77 points or by 0.63 per cent.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of the total 2607 shares traded, 1414 advanced while 1072 shares declined and 121 remained unchanged.

The top gainers of the BSE Sensex pack were Reliance Industries Ltd. (Rs. 883.25,+2.05%), Axis Bank Ltd. (Rs. 567.25,+1.99%), ICICI Bank Ltd. (Rs. 320.45,+1.60%), Tata Steel Ltd. (Rs. 341.60,+1.59%), HDFC Bank Ltd. (Rs. 1048.00,+1.19%), among others.

Meanwhile, Bharti Airtel Ltd. (Rs. 407.35,-2.84%), Sun Pharmaceutical Industries Ltd. (Rs. 1120.05,-2.62%), GAIL (India) Ltd. (Rs. 400.00,-2.21%), Cipla Ltd. (Rs. 723.95,-1.69%), Dr. Reddy's Laboratories Ltd. (Rs. 3701.65,-1.44%), were among notable losers on BSE.

Among the thirteen sectoral indices on BSE, BSE_Bankex index was trading at 21569.41 up by 428.64 points or by 2.03 per cent. Kotak Mahindra Bank Ltd. (Rs. 1434.90,+4.48%), Punjab National Bank (Rs. 159.10,+4.23%), IndusInd Bank Ltd. (Rs. 931.20,+3.32%), Bank of India (Rs. 211.40,+2.55%), YES Bank Ltd. (Rs. 838.60,+2.21%), were among the notable gainers on BSE.

Following the BSE_Bankex index, BSE_PSU index was at 7876.12 up by 30.21 points or by 0.39 per cent. Rashtriya Chemicals & Fertilizers Ltd. (Rs. 71.05,+5.10%), Punjab National Bank (Rs. 159.10,+4.23%), Oriental Bank of Commerce (Rs. 209.40,+3.87%), Syndicate Bank (Rs. 105.50,+2.73%), Power Finance Corporation Ltd. (Rs. 285.60,+2.72%), were among others.

Story first published: Thursday, April 9, 2015, 12:48 [IST]
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