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Sensex Ends 17 Pts Up Ahead Of IIP, Inflation Data
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In listless trading, the Sensex on 10 September' 2012 closed 17 points up as investors adopted a cautious approach after recent gains and ahead of IIP and inflation data releases later this week.
The BSE benchmark index, which had gained 437 points in last three sessions, shuttled between 17,810.90 and 17,728.12 today before ending 17.13 points higher at 17,766.78. This was the fourth straight day of gains for the 30-share Sensex.
Sun Pharma, Bharti Airtel, CIL and Tata Steel were among the 15 winners in Sensex, gaining in 1.6-2.6 per cent range.
Selling was seen in 14 stocks including Jindal Steel, Bhel and SBI. Sterlite Industries remained unchanged today.
Lack of major direction ahead of some global as well as domestic economic events this week mainly kept the market in tight range, said brokers. World markets today displayed a narrowly mixed pattern of trading.
"IIP data will be announced on Sep 12 and inflation numbers will be out on 14th. During the same time, the US Fed will conclude its FOMC meeting. This meeting is closely eyed by market participants across the world," said Milan Bavishi Head Research, Inventure Growth & Securities.
A better global trend, however, continued to support the domestic shares. The 50-share NSE index Nifty edged up by 4.75 points to 5,363.45, after touching high of 5,375.45.
Banking stocks led by ICICI Bank and SBI declined ahead of the Reserve Bank of India's forthcoming mid-quarterly review next week. Overall, stocks of consumer durables, healthcare, metal and sectors ended higher, while realty, banking, power, FMCG, capital goods and oil&gas closed lower.
Second-line stocks attracted good buying support from retail investors and outperformed the Sensex. As a result, the BSE-Smallcap and BSE-Midcap indices ended up 0.70 per cent and 0.28 per cent respectively.
Kishor P Ostwal, CMD, CNI Research Ltd said, "Market closed almost flat though the small volatility was there.
Nothing major was seen in Nifty whereas stock specific action was seen on purely value buying. Nifty upside 5600 is intact support lies at 5330."
Asian markets ended narrowly mixed with hopes rising that weak US jobs data last weekend would prompt the US Federal Reserve to announce fresh stimulus this week. Key indices from China, Hong Kong and Taiwan ended with small gains while those from Japan, Singapore and South Korea closed with losses.
European stocks were also trading almost unchanged compared to their previous close. The CAC and the FTSE were trading slightly weak by 0.03 per cent and 0.06 per cent respectively while DAX was quoting better by 0.11 per cent.
Back home, major gainers from the Sensex pack were Sun Pharma (2.63 pc), Bharti Airtel (2.32 pc), Coal India (1.76 pc), Tata Steel (1.63 pc), Tata Motors (1.28 pc), Bajaj Auto (1.19 pc), HDFC (1.18 pc), Hindalco (1.08 pc), Hero MotoCorp (1.01 pc) and Gail India (0.92 pc).
However, Jindal Steel dropped by 2.16 per cent, followed by BHEL (2.15 pc), SBI (1.80 pc), Tata Power (1.19 pc), Wipro (1.17 pc) and Cipla (0.96 pc).
Among the sectoral indices, the BSE-CD moved up by 0.99 per cent, followed by BSE-HC (0.95 pc) and BSE-Metal (0.71 pc) while BSE-Realty eased by 0.78 per cent and BSE-Bankex by 0.77 per cent.
The total market breadth remained positive as 1,526 shares settled higher while 1,308 scrips finished lower. The total turnover was low at Rs 1,777.89 crore.
Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth a net Rs 19.40 crore during the special trading session held on last Saturday as per the provisional data from the stock exchange.