Markets witness positive trades

All the sectoral indices trade positive

The markets are witnessing positive trades in the morning session with the BSE Sensex at 17,272, up 84 points and the Nifty at 5,235, up 26 points.

The markets are likely to be range-bound during this truncated week amid sluggish foreign fund inflows, mixed corporate results and continued weak investor sentiment.

Key benchmark indices edged lower last week after global rating agency Standard & Poor's cut India's outlook citing slow progress on its fiscal situation, as well as deteriorating economic indicators. The Sensex and the Nifty closed the week, which had a special trading session on Saturday, lower by 1 – 1.5%.

Asian shares inched higher on Monday as weaker-than-expected US growth data left open the possibility for more monetary stimulus from the Federal Reserve, but trading will likely be subdued with Japanese and Chinese markets closed. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4%.

Back home, the Nifty is likely to seek support around 5,165-5,145, while face resistance around 5,215-5,235 levels, technical analysts suggest.

 

On the sectoral front, all the indices are in the green.

BSE Realty has advanced nearly 2% at 1,700 levels. Unitech, DLF and Godrej Properties, up 2-3% each, are the notable gainers from the Realty space.

BSE IT, Metal, Bankex and Oil & Gas indices have advanced 1% each.

TCS and Infosys are the prominent gainers from the IT stocks, up 1-2% each.

DLF has moved up 2% at Rs 185 and is the top gainer on the Sensex. TCS, Hindalco Industries, Sterlite Industries and Hero MootoCorp, up 1-2% each, are among the other prominent gainers.

The losers from the pack include BHEL, down 3%, Maruti Suzuki, down 2%, and Bajaj Auto and Wipro, down marginally.

Bharat Heavy Electrical Limited (BHEL) and BGR Energy Systems are trading down by 3% each in opening deals on report that Rajasthan Rajya Vidyut Utpadan Nigam Ltd (RVUN), a state government company, has scrapped EPC (Engineering, Procurement and Construction) tenders for upcoming new super critical units of Suratgarh and Chhabra thermal power stations.

The overall market breadth is positive as 834 stocks have advanced against 364 declining ones, on the BSE.