FMCG and auto shares hold on to gains
Markets traded on a flat note in afternoon deals with weakness visible in realty, IT and metal shares. The Sensex was up 34 points at 18,373. Nifty meanwhile added 12 points to 5,583.
"Markets indeed have been trading in a narrow band. With yesterday's session, Nifty seems to have made a DOUBLe BOTTOm near 5550 level with a short term perspective. For the medium term however range would be of 5450 - 5650 and any break above 5650 needs to be watched for resumption of uptrend," said Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services.
In Asia, Nikkei bucked the general trend and slipped 11 points to 9143. Hang Seng, Straits Times, Kospi and Taiwan Weighted advanced 0.3% each.
BSE FMCG index is up 0.4%, followed by auto and power indices. But BSE realty index shed 0.5% to 1880, followed by IT, consumer durables and metal sectors.
HDFC was the top mover - up 2.3% at Rs 783. Mahindra & Mahindra,Wipro, Tata Power and HUL also advanced in trades. On the other hand, Infosys slipped 1% to Rs 2333. Baja Auto showed weakness and dropped 1% followed by Hero MotoCorp. Metal shares - Hindalco and Jindal Steel and banking stocks like SBI and ICICI Bank are down in trades as well.
Among individual stocks, shares in Reliance Capital have gained around 1.3% after its CEO said the financial services firm has began talks to sell a 26% stake in its general insurance arm to a strategic foreign partner.
Disa India is trading lower by 4% at Rs 2,411, extending yesterday’s 8% drop, after the company’s promoter said that it will offload 173,483 shares in the company through offer for sale route on the BSE on today.
HT Media fell 2.8% after 0.46% equity changed hands in a bulk deal on the BSE today, 20 November 2012.
The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE