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Sensex Gains 37 Pts To 11-Week High
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After gaining 27 points on Tuesday, the BSE benchmark index resumed higher at 17,473.26 and hovered in a 150-point range.
It closed at 17,462.81, showing a net gain of 37.10 points or 0.21 per cent. This is the highest closing after the index settled at 17,503.71 on April 19.
The 20 gainers in the 30-share index were led by Sterlite, Jindal Steel, Maruti, Bharti Airtel and SBI. However, ONGC, Dr Reddy, Wipro and HUL were among the 10 scrips that shed value.
Similarly, the 50-share National Stock Exchange index Nifty added 14.60 points, or 0.28 per cent to 5,302.55.
Brokers said fears that a deficient monsoon might hurt the agri-based economy and add to existing inflation worries capped gains in the stock market.
While there was buying in selective blue-chips after rupee strengthened to to 54.18 earlier -- its strongest since May 17 -- the currency erased the early gains and was last trading at the 54.5 levels a US dollar against yesterday's 54.38 closing.
A mixed trend in Asian region and lower opening in the European indices also kept the pressure on Indian stocks.
"Metal and realty stocks attracted buying. The July month is expected to be volatile. The outcome of ECB policy meeting tomorrow is likely to influence trend in the short-term," said Shanu Goel, Senior Research Analyst, Bonanza Portfolio.
Benchmark indices in Indonesia, Japan, South Korea, Taiwan and Singapore rose by between 0.06 per cent to 0.89 per cent while Hong Kong's HangSeng index closed down. In Europe, France's CAC, Germany's DAX and the UK's FTSE were trading down in early trade.
In the Indian market, mid-cap and small-cap shares moved up in the 0.8-0.9 per cent range on buying by retail investors and outperformed the Sensex's 0.21 per cent rise.
Major gainers from the Sensex pack were Sterlite (5.27 per cent), Jindal Steel (3.37 per cent), Maruti Suzuki (2.56 per cent), Bharti Airtel (2.19 per cent), SBI (1.85 per cent), Tata Steel (1.45 per cent), Bajaj Auto (1.37 per cent), Hindalco (1.33 per cent), L&T (0.92 per cent) and Hero MotoCorp (0.70 per cent).
However, ONGC declined by 1.68 per cent, followed by Dr Reddy (1.57 per cent), Wipro (1.47 per cent), HUL (0.98 per cent), Coal India (0.79 per cent), Infosys (0.66 per cent), Tata Motors (0.63 per cent) and ITC (0.28 per cent). RIL and NTPC also were down marginally.
Among the other sectoral indices, the BSE-Metal index shot up by 2.12 per cent, followed by the BSE-Realty (1.91 per cent), the BSE-CD (0.68 per cent), the BSE-Capital Goods (0.63 per cent) and the BSE-Power (0.61 per cent).
However, the BSE-Oil&Gas eased by 0.56 per cent, the BSE-FMCG (0.47 per cent) and the BSE-IT (0.38 per cent).
The market breadth remained positive as 1,771 shares finished higher while 1,121 scrips ended lower.
The total turnover moved up further to Rs 2,078.79 crore from Rs 2,062.65 crore on Tuesday.
On the future outlook, Milan Bavishi, Head Research, Inventure Growth and Securities said: "It must be noted that Nifty is making smaller ranges since the start of this week.
This makes it susceptible to profit booking, especially after the strong rise that we saw in the previous week. Over the short to medium term, Nifty has resistance at 5430 levels and on the downside support lies at 5100 levels."
Foreign Institutional Investors (FIIs) bought shares worth a net Rs 589.70 crore on Tuesday as per provisional data from the stock exchanges.