Positive trend continues led by heavyweights

Selling pressure seen in auto stocks

 

Markets continued to trade sideways with the Sensex gaining 32 points at 20,023. Nifty was up 9 points at 6,059.

 

"Yesterday's high that was 6,110 is an important level on the Nifty to watch out for. The Nifty is facing resistance around 6,100 levels while on the downside it has good support at 6,000 levels. Move on either side would decide the future course for the Nifty," said Parag Doctor, Head- trading strategies, Keynote Capitals Ltd.

Asian stocks edged higher on Wednesday, 30 January 2013, ahead of a policy decision from the US Federal Reserve, while selected Japanese shares benefitted from smartphone exposure. Nikkei has gained 1.2% at 10,998. Hang Seng, Straits and Kospi are also in the green.

 

BSE consumer durables, realty and oil & gas indices are up 1-1.3% each. However, marginal selling pressure can be seen in power, FMCG and auto indices.

Reliance and ICICI Bank are the top movers - accounting for a 53 points gain on the Sensex. On the other hand, ITC, GAIL, Tata Power and HDFC are down in trades.

Meanwhile, the rupee today strengthened by 28 paise to 53.49 against the US dollar in early trade on the Interbank Foreign Exchange after the Reserve Bank cut lending rate and cash reserve ratio (CRR) by 0.25% each yesterday to perk up economic growth.

Blue Dart Express has surged 5% to Rs 2,070 on reporting almost two-fold jump in its standalone net profit at Rs 45.01 crore in the quarter ended December 2012, on back of higher sales. The logistics company had a profit of Rs 22.38 crore in the corresponding quarter a year ago.

Pidilite Industries has soared almost 8% to Rs 232 on back of heavy volumes after reporting 51% year-on-year (yoy) jump in its consolidated net profit at Rs 119 crore in December 2012 quarter (Q3), due to higher other income and lower interest cost.

BSE market breadth is neutral. Out of 2,404 stocks traded, 1,158 shares have advanced while 1,115 shares have declined in trades.