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Mid-Session- Sensex rebounds after early jitters Analysis for May 19, 2015

By Religare
|

Shrugging off a quiet start, Dalal Street bounced back into the positive terrain in noon trade as momentum in global markets bolstered sentiment. While some profit booking weighed on the Sensex in early trade, after the 30-share benchmark surged to over three-week highs on Monday, optimism of a rate cut next month, forecast for a timely monsoon and fiscal consolidation progress offered support to Indian equities, pushing the Sensex above the baseline.

 

At 12:11PM, the BSE SENSEX was trading at 27,727.98, up by 40.68 points or by 0.15 per cent but NSE Nifty was trading at 8,372.35, down by 1.3 points or by 0.02 per cent. The BSE Sensex touched intraday high of 27,729.22 and intraday low of 27,577.67 and the NSE Nifty touched intraday high of 8,378.6 and intraday low of 8,335.2.

The BSE MIDCAP was trading at 10,733.62, up by 66.55 points or by 0.62 per cent, while the BSE SMLCAP was trading at 11,249.58, up by 101.66 points or by 0.91 per cent.

Major Asian markets were upbeat on Tuesday amidst heightened speculation of the US Federal Reserve delaying a maiden interest rate lift-off since 2006 to support a faltering recovery in the world"s biggest economy. The Fed will release the minutes of its April policy meet, tomorrow. Shares in mainland China rebounded after a two-day decline amid lower than average trading volumes, while a weaker yen bolstered Japanese stocks.

On the corporate front, Tata Power Company continued to hog the limelight with shares surging 1.66 per cent at Rs 76.45 ahead of the company"s March quarter earnings release. Other movers on the Sensex included Vedanta which rallied 3.16 per cent at Rs. 218.40, Hero MotoCorp Ltd. that advanced 2.75 per cent at Rs. 2590.00, Wipro Ltd. which climbed 1.72 per cent at Rs. 553.25 and Infosys Ltd, up 1.33 per cent at Rs. 2018.25.

Realty and Capital Goods stocks advanced 0.97 per cent and 0.82 per cent, respectively.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 2402, shares advanced were 1439 while 861 shares declined and 102 were unchanged.

Story first published: Tuesday, May 19, 2015, 12:48 [IST]
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