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Nifty, Sensex in tight range; Bharti Airtel tops buy list
16 Jul 2012, 02:01 PM
Indian equity benchmarks continued to move around their Friday's closing value due to lack of global and local cues. The market is waiting for government's action over diesel price as sources says the government may hike diesel price after presidential election (that will be on July 19).

Banks, healthcare, oil & gas and auto (barring Tata Motors) stocks were trading higher whereas technology, infrastructure and metals stocks were down.

The BSE benchmark was down just 7 points to 17,206.52 while the NSE benchmark rose 3 points to 5,230.10.

The Indian rupee, which hit a fresh one-week high of 54.78 intraday, appreciated by just 6 paise to 55.08 against the US dollar.

Jayesh Mehta, managing director and country treasurer at Bank of America says, it's is a technical bounce. "There is a lot of expectation from the new finance minister, government to do something. GAAR also has helped," he adds.

According to him, the rupee is trapped in 54-56 range in the near-term. "I think ultimately, at 54-54.50 levels, there is not much comfort. So, range is 54.50 maybe 56," he adds.

Top telecom operator Bharti Airtel toppped the buying list, rising nearly 4%. Among healthcare stocks, Dr Reddy's Labs rallied 2.5% while Ranbaxy Labs, Sun Pharma and Cipla gained 1% each.

India's largest lender State Bank of India rose 1.3% while its rival HDFC Bank was up 0.4%. Oil & gas producers Reliance Industries and ONGC were up 0.4% & 0.8%, respectively.

Top car maker Maruti Suzuki jumped over 2% while two-wheeler major Hero Motocorp was up 1%.

However, Infosys, country's No. 2 software services exporter, dropped more than 2%. In three days, the stock fell nearly 12% especially after weak numbers in the quarter ended June 2012. TCS was down 1.5% and Wipro declined 0.5%.

Private steel manufacturer Tata Motors crashed 3.5% and Jindal Steel lost 2.4%. Top commercial vehicle maker Tata Motors went down 1%.

Engineering and construction major by sales Larsen
 
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