Sensex trading above 20,900, Consumer Durables shares gain

Benchmark indices continue to maintain the upbeat trend led by buying among FMCG, Capital Goods and Power shares.

Markets may remain volatile today as traders will roll over positions in the futures and options (F&O) segment from the February series to March series. The expiry is scheduled today as the markets will be closed on Thursday due to Mahashivratri.

At 10:25 AM, the Sensex was higher by 63 points at 20,913 mark and the Nifty gained by 16 points at 6,216 levels.

The broader markets are trading marginally positive in line with the benchmark indices- BSE Midcap and Smallcap indices are up 0.1-0.4%.

The market breadth in BSE remains positive with 946 shares advancing and 673 shares declining.

MARKET EXPERT’S VIEW

Adds Ravi Nathani -Technical analyst at Nsetoday.com, “Nifty Index trend is bullish whereas intraday resistance expected is around 6225 / 6240 & 6265. Index on charts is bullish and next target expected in near term is around 6290. Best trading strategy for traders would be buy on dips with a strict stoploss of close below 6160.”

ASIAN MARKETS

Asian shares were trading sluggishly on Wednesday following a flat finish on Wall Street, while concerns over opaque policy moves in China kept investors on edge amid a drought of major economic data. Chinese share markets eased further after sharp falls on Tuesday, but the losses were relatively limited with Shanghai off 0.3%.

Moves were likewise modest across the region, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.04%. In Tokyo, the Nikkei 225 pared early losses to be off just 0.1%, following a 1.4% gain on Tuesday.

FIIs

Foreign institutional investors (FIIs) bought shares worth a net Rs 423.41 crore on Tuesday, 25 February 2014, as per provisional data from the stock exchanges.

INDIAN RUPEE

The rupee fell in morning trade and was trading at 61.98/99 versus Tuesday's close of 61.9350/9450. A large state-run bank is on the bid side, say dealers, likely to meet month-end importer requirements.

SECTORS

BSE Consumer Durables index has surged over 1% followed by counters like Capital Goods, Power, FMCG and Healthcare, all gaining by nearly 1% each. However, BSE Realty and Metal indices have plunged by 1% each.

GAINERS & LOSERS

The main gainers on the Sensex at this hour include Sun Pharma, SBI, Wipro, M&M, ITC, HUL, Hero Moto, Bajaj Auto and Dr Reddy’s Lab.

State Bank of India (SBI) is trading higher by 1% at Rs 1,524 after the country’s largest public sector lender said that its board schedule to meet next week to consider interim dividend to shareholders of the company.

Dr Reddy’s Laboratories has moved higher by nearly 2% at Rs 2,828, also its record high on the NSE, after the company said it has launched Sumatriptan Injection USP in the US.

On the losing side, Sesa Sterlite, Coal India, Tata Steel, ONGC and NTPC have declined between 1-2%.

Nitin Fire Protection Industries is trading higher by 5% to Rs 60.60 ahead of board meeting today to consider the share buyback proposal.