Sensex holds 25,200; Consumer Durables outshine

Top gainers on the Sensex are Tata Steel, Axis Bank, ONGC & BHEL

Benchmark indices continue to remain volatile in a tight range with positive bias.

By 13:10, the Sensex was higher by 37 points at 25,238 mark and the Nifty gained by 12 points at 7,553 levels.

The broader markets are trading marginally positive. The market breadth in BSE remains almost neutral with 1,341 shares advancing and 1,371 shares declining.

Adds Ravi Nathani, Technical analyst at Nsetoday.com, “Nifty is expected to trade in a range (7679 - 7487) close above/below would add trigger in the direction. Traders could keep a close watch on both these levels specifically 7487 as current price is close to this level.”

ASIAN MARKETS

Japanese shares were flat on Friday as investors booked profits after their rally to 4-1/2-month highs the previous day, but the mood remained upbeat with trade volume hitting its best level in three months.

The Nikkei was down 0.1% at 15,349.42 but up 1.7 percent on the week, the fifth straight week of gains and a whisker below a 4-1/2-month high of 15,361.16 hit on Thursday, supported by hopes of loose U.S. monetary policy.

The broader Topix was also flat at 1,268.92 but trade volume shot up to 2.95 billion shares, 47% above the average in the past 60 sessions. The new JPX-Nikkei Index 400 stood little changed at 11,546.39.

GOLD

Gold eased on Friday on profit taking after posting its biggest one-day rise in nine months, but the safe-haven metal was trading near April highs and set for its best week in three months on geopolitical tensions and a softer dollar.

Gold posted its biggest jump since September on Thursday, as technical buying picked up on tensions in Iraq and was supported by the Federal Reserve's lack of commitment to raise interest rates.

CRUDE

Brent crude held near $115 a barrel on Friday, close to a nine-month high, and was headed for its second weekly gain on increased risks of disruption to supply from Iraq.

INDIAN MARKETS

The rupee is weaker at 60.2900/2950 versus its previous close of 60.08/09, tracking high global crude prices as crisis in Iraq continues.

On the sectoral front, BSE Consumer Durables index has jumped by over 2% followed by counters like Realty, Oil & Gas and Metal, all gaining by nearly 1% each. However, Capital Goods, Auto, IT and FMCG sectors are trading marginally in red.

The main gainers on the Sensex are Tata Steel, Axis Bank, ONGC, BHEL, Bajaj Auto, Coal India and Cipla, all gaining between 1-2.3%.

On the losing side, Sun Pharma, Tata Power, M&M, Wipro and L&T have declined between 0.5-2%.

SMART MOVERS

Rajesh Exports is trading 12.7% higher. Titan has extended gains, up by over 3%. 

Shares of TVS Motor Company were up nearly 2% at Rs 147 after the company said it has launched a new motorcycle, StaR HLX 125, specially designed to suit riding conditions in African Continent.

IFCI has moved higher by 9% to Rs 41.55 after the state-owned financial institution said that it is planning to sell its partial stake in the National Stock Exchange (NSE) and entire stake in financial services arm.

Granules India is trading higher by 4% to Rs 454, extending its past four days rally on BSE, after the company said that its paracetamol facility at Bonthapally in Andhra Pradesh has passed an inspection by the US health regulator.

Orchid Chemicals and Pharmaceuticals has surged 6% to Rs 76 on BSE after the company said it has received US Food and Drug Administration (US FDA) approval for Eszopiclone tablets.