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Benchmark indices continue to trade in a narrow range with positive bias prevailing led by metals and auto shares. Investors are awaiting wholesale prices-based inflation data for July which will be announced today.
At 11:15 AM, the 30-share Sensex was higher by 47 points at 19,277 and the 50-share Nifty gained 14 points at 5,714 levels.
According to Somil Mehta, technical analyst with Sharekhan, “Short term looks positive and the strategy should be to buy on declines. Key support is 5600/5480 and resistance is 5800/5920.”
On the global front, the dollar succumbed to profit-taking in Asian trade on Wednesday and Asian shares drifted lower, though moves were small after U.S. retail sales data reinforced expectations that the U.S. Federal Reserve will soon pare its stimulus programme.
The dollar bought 98.06 yen, down about 0.2 percent and moving back toward a seven-week low of 95.810 hit last week as investors locked in gains its sharp rise over the last two days.
MSCI's broadest index of Asia-Pacific shares outside Japan was slightly lower, while Japan's benchmark Nikkei stock average erased early gains in line with a stronger yen, shedding 0.7 percent. The Korea Composite Stock Price Index (KOSPI) edged up.
Back home, the rupee flirted with record lows on Wednesday despite a slew of government measures to narrow the current account deficit, with inflation data later in the day expected to show further strains on the ailing economy.
On the sectoral front, BSE Metal, Auto, Consumer Durables, PSU, Oil & gas and Realty indices have spurted between 1-3%. However, BSE FMCG index has declined by almost 1%.
The main gainers on the Sensex at this hour include Tata Motors, Tata Steel, Hindalco, Sterlite, Bajaj Auto, ONGC, TCS, GAIL and Maruti Suzuki, all gaining between 1-6%.
On the losing side, HDFC Bank, HDFC, Dr Reddy’s Lab, ITC and BHEL have declined between 1-2%.
Among other shares, AstraZeneca Pharma India has surged 18% to Rs 871 after reporting net profit of Rs 1.77 crore for the quarter ended June 30, 2013 (Q1) on back of higher revenues. The pharmaceutical company had loss of Rs 8.15 crore in year ago quarter and Rs 18.57 crore in preceding quarter.
Escorts has soared 13% to Rs 83.70 after reporting over three-fold jump in net profit at Rs 58.30 crore for the third quarter ended June 30, 2013 (Q3) on back of strong volumes.
The market breadth in BSE remains positive with 1,034 shares advancing and 645 shares declining.
