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.