MUMBAI: Indian markets ended its 5-day losing streak and ended with modest gains led by gains in realty, oil&gas and technology stocks . While positive cues from the global peers provided supports, political development back home dampened sentiments towards the end of session. Benchmarks gave away most of the intraday gains after the Central Bureau of Investigation arrested of former telecom minister, A Raja , 2G telecom scam case. According to analysts, the market is near strong support level and may see a pull-back rally in coming sessions.
“ Nifty has a strong support at 5400 and we expect a short pull-back rally up to 5600-5650. With no major expectations from the budget as GST and insurance bill are likely to get delayed, Nifty may remain range bound with negative bias for some time.
Above comfort zone inflation is also likely to keep the bulls away. Things may start looking positive from next quarter onwards,” said Akash Gopawar, vice president, Investments, Systematix Shares.
Bombay Stock Exchange’s Sensex closed at 18090.62, up 68.40 points or 0.38 per cent. The 30-share index touched a low of 18042.61 and high of 18306 intraday.
National Stock Exchange’s Nifty ended at 5432, up 14.80 points or 0.27 per cent. The 50-share index touched a low of 5415.65 and high of 5490.60 in trade so far.
BSE Midcap Index was down 0.03 per cent and BSE Smallcap Index moved 0.08 per cent higher.
Amongst the sectoral indices, BSE Realty Index moved 2.40 per cent higher, BSE Oil&gas Index gained 1.85 per cent and BSE IT Index advanced 0.90 per cent. BSE Power Index declined 1.34 per cent and BSE Capital Goods Index slipped 0.96 per cent.
Tata Motors (3.67%), TCS (3.55%), Reliance Industries (3.07%), Bharti Airtel (2.49%) and HCL Tech (2.34%) were the top Nifty gainers.
Bharti Airtel’s consolidated net profit declined to Rs 1303.3 crores for its quarter ended December 2010 as against Rs 2194.8 crores a year ago. Revenue rose Rs to Rs 15756 crores from Rs 10305.3 crores in the same period a year ago.
Hero Honda (-6.12%), Bajaj Auto (-3.06%), HDFC (-2.98%), NTPC (-2.83%) and BHEL (-2.68%) were the top losers.
Market breadth was positive on the NSE with 1451 gainers as compared to 1396 losers.
Meanwhile, the European markets were in the positive terrain and the US stock futures indicated a mixed start. At 5:15 pm IST , Dow Jones futures was up 0.10 per cent, S&P 500 moved 0.07 per cent higher and Nasdaq slipped 0.04 per cent.
