MUMBAI: Benchmarks were moving in a range with negative bias as bulls took a breather after a rally in past few sessions. However, some buying activity was seen in broader markets as traders turned focus on midcap stocks available at lower prices.
"There is no stopping the Indian juggernaut these days with the steady flow of FII money keeping the interest alive in the market. Another quarter more or less in line with expectations for India Inc. is something many are anticipating.
Stay focused as we do have a few macroeconomic headwinds in the form of high inflation and rising cost of capital. Right now it's all about momentum, which is driving the stocks up.
Growing global risk appetite in the face of adverse news flow from the MENA region, eurozone and Japan has been another source of support lately. We therefore expect the current rally to stretch a bit longer. Stay alert for global developments as they could change the direction anytime. Keep an eye on crude oil price swings.
Given the indecisive cues from the global markets the early gains may not sustain for long. The key indices could turn choppy later in the day. Action may continue in the non-index counters but beware of stocks with dubious track record. On the Nifty, 5860 might act as a strong support today," said IIFL report.
At 11:30 am; Bombay Stock Exchange's Sensex was at 19574.40, down 127.33 points or 0.65 per cent. The index touched intraday low of 19573.16 and high of 19770.21.
National Stock Exchange's Nifty was at 5874.75, down 33.70 points or 0.57 per cent. The broader index touched a high of 5928.65 and low of 5867.75 in trade so far.
BSE Midcap Index was up 0.09 per cent and BSE Smallcap Index moved 0.71 per cent higher.
Amongst the sectoral indices, BSE Bankex was down 0.87 per cent, BSE Realty Index slipped 0.81 per cent and BSE IT Index declined 0.76 per cent. BSE Healthcare Index moved up 0.26 per cent.
DLF (-1.60%), Tata Power (-1.48%), Jindal Steel (-1.14%), Bajaj Auto (-1.06%) and M&M (-1.04%) led the Sensex losers pack.
Reliance Communications (1.42%), BHEL (1.34%), Cipla (1.28%), Hindalco Industries (1.07%) and Tata Motors (0.93%) were the top gainers.
Market breadth was positive on the BSE with 1492 advances against 1093 declines.
economictimes.indiatimes.com
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