Market remains flat amid volatility

Markets continue to trade sideways in a volatile session which is witnessing key benchmark indices yoyo-ing between gains and marginal losses while benchmark indices stay firm.

At 11:28AM, the 30-share Sensex was down almost 10 points or 0.03% at 20,538 while the broader 50-share Nifty was down 13 points or 0.2% at 6,075 levels.  

Global risk appetite remains robust as US Senate leaders announced a deal to prevent the United States from defaulting on its debt and end the government shutdown. US legislators produced a last-minute deal to lift the U.S. government's borrowing limit and dodge a potentially catastrophic debt default.

Capping weeks of political brinkmanship that had unnerved global markets, President Barack Obama quickly signed the spending measure, which passed the Senate and House of Representatives after Republicans dropped efforts to use the legislation to force changes in his signature healthcare law

Asian markets are higher today as Chinese and Hong Kong shares show gains. The Shanghai Composite is up 0.24% while the Hang Seng is up 0.03%. The Nikkei 225 is not trading.

Back home, the partially convertible INR is trading at Rs.61.53 up from its previous close of Rs 61.85 per dollar on Tuesday

"Nifty has stiff resistance around 6160. Close above this level would only attract fresh breakouts. As Nifty had a sharp rally in short term we might attract profit booking on rise, whereas support on charts is expected around 5990. Best trading strategy for traders would be to go short on rise with a strict stoploss of 6160 as per closing basis," says Ravi Nathani, Technical Analyst at nsetoday.com.  

STOCK MOVERS

Domestically, the key sectoral gainers were oil and gas, metal, FMCG while bankex, capital goods, IT, auto and power indices dropped on the BSE.

The laggards were Tata Motors falling 2.5%, TCS declined 2.5%, BHEL was down 1.3% while L&T dropped 2% on the BSE.  

The gainers were Bajaj Auto rising 2%, Bharti Artel gained 1.7%, HUL was up 1.5%, Tata Steel added 1.5% while ONGC gained 1% on the BSE.

The key notable movers included counters such as Shares of Tata Consultancy Services (TCS) and HCL Technologies are trading lower by over 1% each on the bourses on profit bookings after reporting September quarter earnings.

TCS is down 3% at Rs 2,159 on the Bombay Stock Exchange (BSE). The stock opened at Rs 2,240 and hit a low of Rs 2,148 so far. A combined around 783,444 shares change hands on the counter so far on BSE and NSE.

Bajaj Auto is trading higher by 2% at Rs 2,167 in early morning deals on BSE after reporting a better-than-expected 13% year-on-year (yoy) growth in net profit at Rs 837 crore for the second quarter ended September 2013 (Q2), boosted by export gains from rupee depreciation. The company had profit of Rs 740 crore in the corresponding quarter last year.