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MTECHTIPS;-Sensex range-bound; Tata Motors, Maruti Suzuki top gainers
The BSE Sensex was trading in a range with a positive bias on Wednesday, led by gains in Tata Motors, ITC and Maruti Suzuki India Ltd.BSE 2.58 % At 10:40 am, the 30-share index was at 18,469.77, up 39.95 points or 0.2 per cent. It touched a high of 18,485.20 and a low of 18,409.20 in trade today. The Nifty was at 5,605.75, up 7.2 points or 0.12 per cent. The broader index touched a high of 5,610.40 and a low of 5,585.20 in trade today. After moving in a narrow band of 100 points from 5630 to 5730 for almost 3 weeks, the Nifty finally moved lower and closed below 5600 on Tuesday. "It is now likely to move in the 5540-5630 range for the next few trading sessions. The 50 DMA support is at 5540 and a breach of the same might trigger further selling up to 5450," said Vinit PagariaBSE -4.93 %, VP - Investment Strategies at MicrosecBSE 0.65 %Capital Ltd. "On the other hand, the upside resistance is at 5630 followed by 5730. A move beyond 5730 would now lead to a big move with could take the Nifty higher up to 5900-6000 in the next couple of months," he added. The rupee lost 14 paise to 54.12 against the dollar in early trade today largely due to month-end demand for the US dollar from oil importers. Rate-sensitive sectors fell for the second day in a row. ICICI BankBSE 0.15 %was trading flat at Rs 1045, HDFC BankBSE -0.34 % was down 0.43 per cent to Rs 631.25. However, State Bank of IndiaBSE 0.64 % pared its early morning losses and was trading 0.2 per cent higher at Rs 2081.45.
The BSE Sensex was trading in a range with a positive bias on Wednesday, led by gains in Tata Motors, ITC and Maruti Suzuki India Ltd.BSE 2.58 % At 10:40 am, the 30-share index was at 18,469.77, up 39.95 points or 0.2 per cent. It touched a high of 18,485.20 and a low of 18,409.20 in trade today. The Nifty was at 5,605.75, up 7.2 points or 0.12 per cent. The broader index touched a high of 5,610.40 and a low of 5,585.20 in trade today. After moving in a narrow band of 100 points from 5630 to 5730 for almost 3 weeks, the Nifty finally moved lower and closed below 5600 on Tuesday. "It is now likely to move in the 5540-5630 range for the next few trading sessions. The 50 DMA support is at 5540 and a breach of the same might trigger further selling up to 5450," said Vinit PagariaBSE -4.93 %, VP - Investment Strategies at MicrosecBSE 0.65 %Capital Ltd. "On the other hand, the upside resistance is at 5630 followed by 5730. A move beyond 5730 would now lead to a big move with could take the Nifty higher up to 5900-6000 in the next couple of months," he added. The rupee lost 14 paise to 54.12 against the dollar in early trade today largely due to month-end demand for the US dollar from oil importers. Rate-sensitive sectors fell for the second day in a row. ICICI BankBSE 0.15 %was trading flat at Rs 1045, HDFC BankBSE -0.34 % was down 0.43 per cent to Rs 631.25. However, State Bank of IndiaBSE 0.64 % pared its early morning losses and was trading 0.2 per cent higher at Rs 2081.45.
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