Mid-Session: Market turns flat; consumer durables stocks surge Analysis for Oct 06, 2015

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The Indian equities turned flat, paring most of the early gains, as investors booked profit in selective blue chip stocks after strong rally in the last four trading session. However, sustained buying by foreign funds and retail investors gave a lift to market sentiment as the upbeat global mood after a tepid US jobs data for September pushed back bets of a hike in interest rates by the US Federal Reserve, bolstered the lure for risk taking appetite.

At 12:20 hours, the BSE SENSEX was trading at 26807.42, up by 21.87 points or by 0.08 per cent, and the NSE Nifty was quoting 2 points lower at 8117.3.

During the day"s trade so far, the BSE Sensex touched an intraday high of 27010.27 and intraday low of 26774.18, while the NSE Nifty touched high and low of 8180.95 and 8112.05, respectively.

Early today, data showed that the Nikkei/Markit Services Purchasing Managers' Index eased to 51.3 in September from August's 51.8.

On the sectoral front, consumer durables and oil and gas indices emerged as top gainers, adding 3.85 per cent and 1.46 per cent, respectively.

Leading the rally on the D-Street were Tata Motors Ltd. (Rs. 328.30,+4.16%), Cipla Ltd. (Rs. 662.00,+3.12%), GAIL (India) Ltd. (Rs. 305.75,+2.43%), Coal India Ltd. (Rs. 336.90,+2.25%), Oil And Natural Gas Corporation Ltd. (Rs. 245.55,+2.23%), among others.

However, some selling were witnessed in blue chip stocks, such as Bharat Heavy Electricals Ltd. (Rs. 197.70,-2.99%), Infosys Ltd. (Rs. 1154.30,-2.22%), HDFC Bank Ltd. (Rs. 1084.25,-1.09%), Maruti Suzuki India Ltd. (Rs. 4372.30,-0.98%), Bajaj Auto Ltd. (Rs. 2362.50,-0.92%), among others.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2468, shares advanced were 1338 while 1021 shares declined and 109 were unchanged.

Among the global peers, Asian stocks were trading mostly higher tracking strong gains at Wall Street on Monday as hopes that the US Fed may refrain from raising interest rates bolstered risk taking appetite. While markets in mainland China remained shut for holidays, Japan"s Nikkei 225 surged by over 1 per cent on speculation of additional stimulus from the Bank of Japan (BOJ) before the end of the month. Meanwhile Hong Kong"s Hang Seng fell 0.3 per cent.

Story first published: Tuesday, October 6, 2015, 13:48 [IST]
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