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Markets remain rangebound with positive bias

BSE Metal index has surged by almost 2%

Read more on:    Sensex | Nifty | Gainers | Top Losers | Stock Market
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Markets continue to move in a tight range with positive bias. Index heavy weights like Reliance Inds and Infosys along with Auto shares are leading the gains.

At 1335 hrs, the rose 56 points at 17,658 and the gained 18 points at 5,355 levels.

Meanwhile, the rupee erased initial gains today and was down 12 paise at 55.19 against the dollar on fresh demand for the American currency from banks and importers. The dollar strengthened in the overseas currency markets as well.

On the global front, Asian markets are trading mixed. Nikkei, Taiwan, Kospi and Shanghai have gained between 0.1-1%. However, Strait Times and Hang Seng have declined between 0.2-1%.

Back home, BSE Metal index has surged by almost 2% followed by counters like Auto, PSU, Oil & Gas, IT, FMCG, Power and Healthcare, all gaining between 0.1-1%. 

From the Metal segment, Hindalco is the top Sensex gainer, up nearly 3%. Jindal Steel, Tata Steel, Sterlite and Coal India have gained between 1-2%.

Among Auto segment, Tata Motors, M&M, Hero Moto and Bajaj Auto have gained between 0.3-2%. Mahindra & Mahindra has extended the rally ahead of numbers for the quarter ended June 2012.

Index heavyweights like Infosys and RIL have gainedbetween 1-2%. Reliance Industries (RIL) has moved higher by 2% at Rs 799, its highest level since March 15, 2012 after oil ministry agreed to conditionally approve the capital expenditure plan of over $1 billion for KG-D6 gas block.

Other notable include HUL, SBI, NTPC, HDFC, Wipro and Tata Power.

On the losing side, Bharti Airtel is the top Sensex loser, down nearly 3%. Bharti Airtel Q1 net slumps 24% to Rs 762 cr (q-o-q). Bharti Airtel reported its 10th straight quarter of profit decline as competition squeezed margins despite gaining subscriber market share from some of its smaller rivals.

IDFC says at first impression Bharti Airtel's headline numbers are weak with domestic volume growth of just 3.9 percent while pricing fell 2.6 percent, sequentially.

Other notable losers include GAIL India, ONGC, ICICI Bank, TCS and Maruti Suzuki.

Among other shares, shares of Indiabulls Group companies such as Indiabulls Power, Indiabulls Financial Services and Indiabulls Real Estate have dipped more than 10% each after Veritas, an independent Canadian Research firm, recommended a 'sell' on all stocks in the Indiabulls Group in a report dated August 1, on concerns of lack of disclosure and corporate governance.

Hester Biosciences has soared 17% to Rs 134 on announcing plans for a bonus issue.

“The board of directors of the company will meet on August 14, 2012 to discuss and consider proposal for bonus shares to be issued to existing shareholders of the company,” the company said in a filing.

The broader markets are trading marginally positive. The overall market breadth in BSE remains negative with 1,369 shares declining and 1,243 shares advancing.

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