Sensex ends up 21 pts

Realty, oil and metal shares decline

The Sensex has ended (provisional) at 18598 - up 21 points. nifty ended up 10 points at 5,658.
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(Updated at 1531 hrs)

Markets have come off the day's high on selling pressure visible in oil & gas space. BSE Sensex, after touching a high of 18705, is now down 19 points at 18,558. Nifty is down 7 points at 5,639.

The Asian markets traded higher on the back of strong US earnings reports brightened investor mood, while the euro hit a one-month high against the dollar as Spain dodged a bullet when Moody's Investor Service kept Madrid's investment grade rating. Hang Seng has jumped 1% to 21,420. Nikkei added 1.2% to 8,807.  Hang Seng advanced 1%, followed by Kospi and Shanghai Composite.

The BSE Mid-Cap index was down 0.35% and the BSE Small-Cap index was marginally up at 6,609.

The rupee today gained 22 paise against the dollar in early trade, extending gains at the Interbank Foreign Exchange market on selling of the American currency by exporters and banks. However it now traded at 52.87 against the dollar.

BSE realty index has slipped 1% at 1,802. Oil & gas, banks and metal indices have slipped marginally as well. On the other hand, BSE healthcare,power and consumer durables indices were are up half a per cent each.

Back home, HCL Tech beat market expectations with a 78% rise in Q1 consolidated net profit helped by higher contract wins. Reacting to this development the stock was trading down 1% at Rs 579 on profit booking at the Bombay Stock Exchange.

Tata Motors Ltd will look to ratonalise its product range and overhaul its image, the head of its domestic business said on Tuesday, as he sets about reviving the firm's sputtering local business in a fiercely competitive market. Shares of Tata Motors erased gainsand was trading unchanged at Rs 263.

"Tata Motors is expected to consolidate around Rs 250-280 levels in the short-term. But overall bias for the stock remains positive. Near term supports are at Rs 260 and Rs 250 while resistances are seen at Rs 270 and Rs 280," said Somil Mehta, Sr Technical Analyst (Equity), Sharekhan.

Tata Power was up 2% at Rs 104. Maruti Suzuki, Hindalco and Wipro are up in trades well.

Meanwhile, GAIL has slipped 2% at Rs  371. HUL, TCS and Hero Motocorp are some of the other key losers.

Reliance is down 1% at Rs 806 following a disappointing set of numbers. According to reports, the Oil Ministry has informed the Prime Minister's Office (PMO) that it has not given final nod to Reliance Industries' plans to raise natural gas output from the flagging KG-D6 fields as the firm has refused to allow audit of its expenditure by CAG.

State Bank of  India has reduced the processing fee on home and auto loans by 50 per cent for loans availed from October 17 to December 31. Shares if SBI were down 1% at Rs 2,208.