Markets range-bound; Tata Steel, Bajaj Auto major laggards Analysis for Jul 23, 2015

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The key domestic benchmark indices were trading in a sideways manner during the late morning trading session amid caution as traders eye earnings numbers from several key companies for further cues.

At 11:15, the 30-share barometer, Sensex was trading at 28519.94 up by 15.01 points or by 0.05 per cent, while the NSE Nifty was at 8635.55, up by 2.05 points or by 0.02 per cent.

So far, the Q1 FY 2015-16 earnings season has been a mixed bag, giving very few cues over the earnings outlook. Meanwhile, Bajaj Auto, Lupin, Wipro, Gail India and Indian Bank are set to release their June quarter earnings report cards today.

In the choppy trade so far, the Sensex touched an intraday high of 28578.33 and an intraday low of 28456.77, while the NSE Nifty touched an intraday high of 8654.75 and an intraday low of 8620.65.

Further some support came in after a parliamentary panel endorsed nearly all of the provisions in the Goods and Services Tax (GST) bill, raising hopes that the bill will receive the nod of the Upper House of Parliament, paving way for India"s most landmark economic and fiscal reform, auguring well for Asia"s third biggest economy.

The major gainers on the D-street included Dr. Reddy's Laboratories Ltd. (Rs. 3956.90,+2.83%), Maruti Suzuki India Ltd. (Rs. 4233.00,+1.05%), Mahindra & Mahindra Ltd. (Rs. 1355.00,+1.00%), Infosys Ltd. (Rs. 1113.00,+0.94%), Housing Development Finance Corporation Ltd. (Rs. 1355.25,+0.72%), among others.

On the flip side, selling pressure was witnessed in stocks including Tata Steel Ltd. (Rs. 271.30,-3.23%), Hindustan Unilever Ltd. (Rs. 900.00,-2.00%), Oil And Natural Gas Corporation Ltd. (Rs. 280.80,-1.46%), Bharti Airtel Ltd. (Rs. 433.50,-1.33%), Lupin Ltd. (Rs. 1809.40,-0.80%), among others.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.78% and Realty up by 0.88%, whereas metal and banking index were the losing indices on BSE, down by 0.23 % and 0.22 % respectively.

On the global front, Asian peers maintained their bullish trend, defying a bearish finish at Wall Street. Asian stocks rose despite a deepening commodities rout and weak set of earnings from American technology giants including Apple, Yahoo and Microsoft that sparked a sell-off in US equities. China"s Shanghai Composite extended a five-day rally, trading up by 1.98 per cent, Hang Seng surged 0.38 per cent, while Japan"s Nikkei 225 rose 0.39 per cent as a weaker yen boosted the lure for exporter stocks.

Story first published: Thursday, July 23, 2015, 11:48 [IST]
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