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Sensex Near Day's High As Markets Move In A Tight Range

Top laggards on the 50-scrip index were Indiabulls Housing Finance, Vedanta, Wipro, Yes Bank and Indian Oil.

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Sensex Near Day's High As Markets Move In A Tight Range

Losses in information technology, pharma and metal stocks dragged the markets lower

Domestic stock markets moved in a narrow range see-sawing between gains and losses on Thursday. The Sensex logged a swing of 168.19 points, moving in a range of 36,759.07-36,590.88 during the session, as against its previous close of 36,636.10. The Nifty gave up 11,050 to hover in a range of 11,077.95-11,027.10. Buying in fast-moving consumer goods offset losses in information technology, pharma and metal stocks. Meanwhile, the rupee rose above the 70 mark in intraday trade for the first time in two months.
Here are 10 things to know:
  1. At 1:54 pm, the Sensex traded 100.49 points higher at 36,736.59 and the Nifty was at 11,062.75, up 9.75 points from the previous close. 
  2. Top gainers on the 50-scrip index at the time were Hindustan Petroleum, L&T, M&M and ITC, trading between 1.59 per cent and 2.41 per cent lower. 
  3. The Nifty FMCG gained 0.88 per cent at the day's strongest point, providing some support to the markets. Top laggards on the 50-scrip index in afternoon were Indiabulls Housing Finance, Coal India, Indian Oil and Wipro, trading between 1.71 per cent and 3.24 per cent lower.
  4. On the other hand, the Nifty IT - comprising information technology stocks - declined as much as 0.73 per cent in intraday trade. Prominent Nifty IT laggards, besides Wipro, included Tech Mahindra and Infosys - declining as much as 1.64 per cent and 1.63 per cent in intraday trade respectively.
  5. The rupee gained as much as 0.47 per cent to hit 69.95 against the dollar, a level last seen on January 8. 
  6. Any appreciation in the rupee limits the profitability for exporters such as IT and pharma companies. The Nifty Pharma shed as much as 0.80 per cent during the session.
  7. Analysts said they expect some more upside in the near term. 
  8. "Market sentiment is improving more because of expectation that the BJP (Bharatiya Janata Party) government will return to power... Large caps have opportunity, but mid-caps are performing well," news agency Reuters quoted Deven Choksey, founder, KR Choksey Investment Managers, as saying.
  9. The S&P BSE MidCap and SmallCap indexes rose as much as 0.39 per cent 0.37 per cent during the session. 
  10. The Nifty had added 260.5 points, a gain of 2.41 per cent, in past three consecutive sessions. During this period, the Sensex had advanced 768.66 points, or 2.14 per cent.

(With agency inputs)





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