Experts firmly believe the market is still in a range of 6000-6250. There is sharp upside and downside happening, but it has not broken that range yet. That range will continue till state assembly election results in December, feel experts.
Nilesh Shah, MD CEO, Envision Capital says in an interview to CNBC-TV18, "It looks like there is some kind of value buying which is emerging below the 6000 levels and that is primarily because the dollar side of the market is actually turning very benign."
Education stocks are witnessing huge buying interest. Everonn Education, Educomp Solutions and Core Education surged 10 percent each while Career Point gained 20 percent amid hefty volumes in afternoon trade.
Tata Motors goes on a massive cost-cutting drive. It is likely to bring down number of suppliers and cut wasteful expenses. The automobile manufacture mau impose a temporary freeze on large hiring and even pare down investments in its subsidiaries. The stock is down over 1 percent.
Nilesh Shah of Envision Capital feels the market seems to be in a consolidation mode and there is some value buying coming in at lower levels.
The rupee is stronger on continued hopes that the recent slide in oil prices will make for a lower trade deficit. Dollar-buying by importers prevents an all-out rally.
ITC is the major loser among largecaps in the Sensex, falling 1.5 percent. Other losers are TCS, Infosys, HDFC, Tata Motors, HDFC Bank and ONGC, which declined between 0.3-0.8 percent.
The rupee gained 5 paise to 62.45 per dollar in early trade on Tuesday as against previous day's close of 62.50.
Though it was a relief rally today, but overall the market has been in a tight range around 6,000-6250 for last couple of weeks. Apart from economic data, the market may also be waiting for election results due on December 8, feel experts.
The Bank Nifty outperforms with a 4 percent gain with ICICI Bank and SBI leading the charge.
The Sensex is up 333.83 points or 1.65 percent at 20551.22, and the Nifty is up 101.95 points or 1.70 percent at 6097.40, but the gap between advances and declines trimmed.
Crude oil prices head for their biggest fall in three weeks as Iran blinks for the first time in almost 10 years. The country has agreed to limit its nuclear programme in exchange for relief from some sanctions.
According to Dhirendra Tiwari, head of Research, Antique Institutional Equities, crude coming off is positive as it is one of the key constituents of inflation. The fall will have a positive impact not only on prices of petroleum products by anybody who is using oil in a major way.
Asian markets kicked off the week higher after a historic deal over Iranâs nuclear programme bolstered risk appetite with the Nikkei hitting a new 6-month peak.
Technical Analysts Sudharshan Sukhani says at the moment one has missed the bus for intra-day trade. He places Bank Nifty targets at 1000-1200 and says one can look at buying bank stocks if consolidation happens.
Securities and Exchange Board of India (Sebi) is debating whether to reopen the issue of an open offer for shareholders of Jet Airways after another regulator said that Etihad enjoys joint control over the Indian airline.
Brent crude for January delivery was up 29 cents at USD 111.27 a barrel, after falling 1.5 percent in the previous two sessions. Still, the benchmark was on course for a 1.3 percent weekly gain, its third in four.
State-run oil gas explorer has fixed December 11 as record date for determining entitlement of shareholders for payment of interim dividend for the financial year 2013-14.
CLSA says it prefers Hero MotoCorp over Bajaj Auto and prefers shares of 4-wheeler companies over 2-wheelers.
The FPO which opened on December 3 was subscribed 4.77 times on the third day of offer today with institutional buyers lapping up the shares.
London-listed Vedanta Resources' Anil Agarwal has been trying very hard to get the stake in both companies from the Government of India. Earlier Vedanta group offered to buy government's stake in both companies at around Rs 17,000 crore.
HP-owned IT services firm which follows November-October fiscal, posted a 9.12 percent drop in its net profit to Rs 190.22 crore year-on-year on account of higher taxes and increase in interest costs.
On December 05, 2013 Morgan Stanley Asia (Singapore) PTE bought 5,00,000 shares of Strides Arcolab at Rs 894.98.
Media reports suggest that the PSU may consider a special dividend of Rs 18 to 20 per share at its December board meeting. The move may fetch the government upto Rs 11,400 crore.
Adani Enterprises had gained 13.2 percent in December 2012 compared with the Nifty return of 0.5 percent in the same period on hopes Modi would win a fourth successive term as chief minister.
Jubilant expects that the on-going manufacturing, distribution and sale of products from this facility will not be impacted as the WL will affect new approvals only.
Depending on market scenario and consumer preferences, the country's third largest software services player decided to make an exit from the hardware manufacturing business. It will discontinue manufacturing Wipro branded desktops, laptops and servers.
The interim dividend will be paid on December 17 and the record date is fixed as December 06 for the purpose of determining the eligibility of shareholders for payment of interim dividend.
Investors are euphoric as the travel company launched a new branch outlet in Puducherry. The stock jumped 5 percent intraday on Wednesday.
The Tata group company reported profit after tax of Rs 28.86 crore during April-September period of current financial year 2013-14 as against Rs 21.3 crore last year.