Market turns range bound

Range bound trading session continued as key benchmark indices inched higher in afternoon trade. At 13:19 IST, the Sensex was up 18.97 points, or 0.08% at 24,704.39. The gains for the Nifty 50 index were higher in percentage terms than those for the Sensex. The Nifty was currently up 15.05 points or 0.20% at 7,561.50. The market breadth indicating the overall health of the market was strong. On BSE, 1,388 shares rose and 903 shares fell. A total of 161 shares were unchanged. The BSE Mid-Cap index was currently up 0.60%. The BSE Small-Cap index was currently up 0.62%. Both these indices outperformed the Sensex.

In overseas stock markets, European equities were trading higher in early trade today, 8 April 2016, as a rise in prices of crude oil and metals was seen supporting resource-related stocks. Most Asian stocks edged lower after overnight decline on Wall Street. US stocks closed lower yesterday, 7 April 2016, with financials leading decline on profit taking in an overall risk-off environment ahead of earnings season.

Most metal shares edged higher. Jindal Steel & Power (up 7.88%), Vedanta (up 2.04%), NMDC (up 1.52%), Hindalco Industries (up 1.38%), National Aluminium Company (up 0.78%), Steel Authority of India (up 0.71%) and Hindustan Copper (up 0.10%), edged higher. JSW Steel (down 0.02%), Bhushan Steel (down 0.27%), Hindustan Zinc (down 0.44%) and Tata Steel (down 0.66%), edged lower.

Realty shares were mixed. Anant Raj (up 2.11%), Parsvnath Developers (up 1.39%), Godrej Properties (up 1.34%), DLF (up 1.32%), Housing Development and Infrastructure (HDIL) (up 0.97%), Peninsula Land (up 0.56%), Mahindra Lifespace Developers (up 0.27%) and Indiabulls Real Estate (up 0.19%), edged higher. Phoenix Mills (down 0.03%), Unitech (down 0.4%), Oberoi Realty (down 0.89%), D B Realty (down 1.04%), Prestige Estates Projects (down 1.24%), Sunteck Realty (down 1.39%) and Sobha (down 3.13%), edged lower.

Meanwhile, as per the monthly data released by Association of Mutual Funds In India (AMFI), investors withdrew a net Rs 1370 crore from equity mutual funds in March 2016. This compares with a net inflow of Rs 2522 crore into equity mutual funds in February 2016. There was a net inflow of Rs 78 crore in balanced funds in March 2016, which was lower than inflow of Rs 941 crore in February 2016. Balanced funds invest the money in a combination of equity and debt, with majority of the investment going into equity. The funds' investments range from 65% to 80% in equity and the rest in debt.

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