Sensex ends up 48 points

Cement, auto, media move

Sensex has ended up 48 points at 18,871. Nifty ended at 5733 - up 15 points.
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(updated at 1531 hrs)

Markets continued to trade marginally higher on the back of buying interest in oil & gas and metal shares. The BSE Sensex has added 25 points to 18,849. Nifty is up three points at 5,722.

"Nifty is consolidating in stiff range since beginning of October Series. Technically, consolidation in narrow range after decent rally is always a healthy sign and signifies the underlying strength of uptrend. Buying interest may remains continue for Nifty pack so one should more focus on frontline stocks. Nifty may face hurdle around 5800-5840 and on the other side, likely to seek support around 5625-5580 for near term" said Mudit Goyal, technical analyst, SMC Global.

Meanwhile in Asia markets ended mostly in red as a better than expected US Manufacturing data failed to enthuse investors. Nikkei slipped 39 points to 8,746 while Hang Seng ended flat at 20,888.

The rupee was trading seven paise up this morning at 52.33 to a dollar on selling of the American currency by banks and exporters amid persistent foreign capital inflows into the equity market.

Broader markets have outperformed the benchmark index. BSE mid-cap index is up 25 points at 18,849. Small-cap index has advanced 23 points to 6,689.

BSE healthcare index is the top gainer among sectoral indices and is up 0.7% at 7,618. The oil & gas index has moved up 0.7% as well on the back of gains in Reliance Industries.

On the other hand, consumer durables index has slipped 0.5% at 6,920. Auto index is down 0.3% at 10,444. Indian automobile companies came out with their monthly sales figures. However, sales in India continued to be low in September, with seven of the country’s leading manufacturers together selling 192,424 units, a growth of a mere 0.6%.

Dr Reddy's is the top gainer among Sensex stocks - up 2.5% at Rs 1,687. Market heavyweight - Reliance has added 1.3% at Rs 845 and is the top mover among the top 30 stocks. HUL, TCS and Coal India have added around 1-2% each.

On the other hand, Jindal Steel has slipped 3.4% at 420. Hero MotoCorp, ITC and Bajaj Auto are down around 1% each.

Bharti Airtel has moved the high court, challenging a show- cause notice by the department of telecommunications and an advisory from it that asked the company to stop 3G roaming services with immediate effect. Shares of Bharti have pared early gaisn and are now flat at Rs 265.

Cement shares have extended their recent rally triggered by hopes construction activity will pick up as the southwest monsoon has already started withdrawing from the country. Ambuja Cement is up 2% at Rs 214. ACC is up marginally at Rs 1,462.

Among other stocks, media shares have seen a good run-up. HT Media has jumped 3.3% while Jagran Prakashan is up 2.5%.

BSE market breadth is fairly positive. Out of 2,972 stocks traded, 1,638 shares have advanced while 1202 shares have declined.