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Markets consolidate. Banking stocks still on the high.

Key share indices continue to remain volatile in a narrow range, oscillating between negative and positive terrain. After witnessing a strong rally on Friday, markets seem to be taking a breather today tracking weak Asian cues and profit taking at higher levels.

By 11:30, the 30-share Sensex was down 5 points at 18,748 and the 50-share Nifty was up 3 points at 5,694. On the sectoral front, BSE Power index has surged by almost 3% followed by counters like Realty, Capital Goods, Banks, Metal, Consumer Durable, Auto and PSU, all spurting between 1-2%. However, BSE FMCG, IT, Oil & Gas and Healthcare indices have declined between 0.1-1.5%.

Power related shares have extended the gains on hopes that the government would soon announce financial restructuring of power distribution companies. BHEL is the top Sensex gainer, up over 6%. Tata Power has surged by nearly 4%.

Realty shares have also rallied on hopes the government’s move to allow foreign direct investment in multi-brand retail chains will boost demand for commercial property. Anant Raj Inds, DLF, DB Realty, Godrej Properties, HDIL and Unitech have gained between 1-4%.

Banking stocks like ICICI Bank, SBI and HDFC Bank have risen between 1-2%. State Bank of India is trading higher by 1.6% at Rs 2,247 in an otherwise subdued market after the bank decided to cut the lending rates by 25 basis points.

Metal shares like Jindal Steel, Sterlite, Hindalco and Tata Steel have gained between 1-3.5%.

Notable losers include TCS, Cipla, Bharti Airtel, Coal India, GAIL and HDFC.


 

 

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