Markets remain positive

BSE Oil & Gas index has surged by nearly 1%

Key share indices are trading in a tight range with positive bias prevailing led by index heavyweight RIL and financial shares. By 1300 hrs, the Sensex was up 54 points at 18,764 and the Nifty gained 14 points to 5,705.

On the global front, Asian shares edged higher on Thursday as signs of recovery in China and the United States eased fears of deteriorating global growth, but sentiment remained vulnerable with weak corporate earnings continuing to undermine investor confidence.

Back home, erasing marginal gains it made this morning, the rupee was trading lower by 10 paise at 53.82 against the dollar in view of the high month-end demand for the American currency from banks and importers despite firm local equity market.

On the sectoral front, BSE Oil & Gas index has surged by nearly 1% followed by counters like Metal, Auto, FMCG, Banks and IT, all gaining marginally. However, BSE Realty index has declined by over 1% followed by sectors like Consumer Durable, Power, Healthcare, TECk, Capital Goods and PSU, all declining slightly.

The main gainers on the Sensex at this hour include Sterlite, HDFC, Hero Moto, M&M, ITC, Hindalco, Bajaj Auto, ONGC and RIL, all spurting between 1-2%.

On the losing side, Dr Reddy’s Lab, Maruti Suzuki, HUL, JSPL, Cipla, Sun Pharma, SBI, Tata Motors and Infosys have slipped by almost 1% each.

Among other shares, Kingfisher Airlines is trading higher by about 5% at Rs 10.90, bouncing back 10% from intra-day low on the Bombay Stock Exchange on hopes of striking workers will return to work after the management agreed to pay three months salary by November 13.

Hawkins Cookers has moved higher by 7% to Rs 1,955 after the company said it has received a No Objection Certificate (NOC) from the Punjab Pollution Control Board for Hoshiarpur factory.

Meanwhile, Meanwhile, BSE Midcap index has slipped by 0.1% whereas BSE Smallcap index is marginally up.

The market breadth in BSE remains unhealthy with 1,360 shares declining and 1,207 shares advancing.