Sensex gains 109 points in range-bound trade Analysis for Aug 10, 2015

Posted By: Religare
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Indian equity benchmarks continued to trade in fine fettle during the late noon trading session amid range bound trade as fall in crude oil prices boosted the sentiments of the traders.

At 14:20 hours, the 30-share barometer, Sensex was trading at 28345.5, up by 109.11 points or by 0.39 per cent while the NSE Nifty was at 8592.35 up by 27.75 points or by 0.32 per cent.

According to the reports, Oil prices fell in Asian, extending weeks of losses after a US report stoked expectations of a global glut of suppliers. A glut in crude oil supply is seen as the main driver for a sharp decline in oil prices that has seen crude slump to almost a third of its mid-2014 peaks.

Amid firm trade so-far, Sensex touched an intraday high of 28417.59 and an intraday low of 28228.27, while the NSE Nifty touched an intraday high of 8621.55 and an intraday low of 8564.45.

Further, buying in software and technology stocks aided sentiments on the back of robust US jobs data, as most of their revenues come from exports to the US. TCS, Wipro, HCL Technologies and Infosys have gained 0.5-1 per cent each.

The other gainers on the D-street that hogged the limelight included, Hero MotoCorp Ltd. (Rs. 2719.95,+2.23%), Bharat Heavy Electricals Ltd. (Rs. 271.50,+2.14%), Housing Development Finance Corporation Ltd. (Rs. 1325.00,+2.03%), State Bank of India (Rs. 285.10,+1.31%), Lupin Ltd. (Rs. 1715.05,+1.19%), among others.

However, some profit booking was witnessed in stocks including Oil And Natural Gas Corporation Ltd. (Rs. 276.60,-2.02%), Mahindra & Mahindra Ltd. (Rs. 1367.50,-1.45%), NTPC Ltd. (Rs. 132.10,-1.31%), Sun Pharmaceutical Industries Ltd. (Rs. 844.30,-0.85%), Coal India Ltd. (Rs. 413.00,-0.61%), among others.

Among the 13 sector, realty and banking stocks were on the buyers radar, up by 1.98 per cent and 0.69 per cent respectively.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 2875 shares traded, 1576 shares advanced, 1169 shares declined while 130 remained unchanged.

On the global front, Asian peers ended the day on a mixed note. China"s Shanghai Composite ended the day on a positive note after US Department of Labor on Friday reported better-than-expected growth in employment data, reflecting the economic growth of the country. China"s Shanghai Composite rebounded over 5 per cent despite report weak export data, while Japan"s Nikkei 225 also edged higher as the yen strengthen against the dollar. Meanwhile, Hang Seng closed in red down by 0.13 per cent.

Story first published: Monday, August 10, 2015, 15:00 [IST]
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