Sensex gains 114 pts, market may remain volatile
The BSE Sensex recovered some lost ground on Tuesday on the back of a rising rupee gaining positive global cues, especially from the US. It gained 114 points, or 0.59%, to close at 19,439.business Updated: Jul 09, 2013 22:52 IST
The BSE Sensex recovered some lost ground on Tuesday on the back of a rising rupee gaining positive global cues, especially from the US. It gained 114 points, or 0.59%, to close at 19,439.
“The market opened on a positive note, on the back of better than expected corporate earnings in the US. Also, the recovery of the rupee supported the markets,” said Alex Mathews, head of research, Geojit BNP Paribas Financial Services.
Reliance Industries, HDFC, ICICI Bank, State Bank of India, HDFC Bank, L&T, Infosys, Bajaj Auto, Dr Reddy's, Sun Pharma and BHEL posted smart gains.
During the day, the Sensex hit a high of 19,486 points and a low of 19,380 points, a fluctuation of 106 points. “Key benchmark indices hit fresh intraday high in afternoon trade. Indian shares rose… highlighting how the fortunes of the currency have become a determining factor across markets,” said Sharekhan, a brokerage house, in its market commentary.
Going forward, the markets are expected to be volatile within the 19,000-20,500 range. In last two weeks, Nifty has moved in a narrow range of 5,750-5,900. The 50-share CNX Nifty on the NSE gained 47.45 points to end at 5,859 on Tuesday. “Till we see an effective breakout, one should stick with defensive sectors like FMCG and pharma,” said Jayant Manglik, president, retail, Religare Securities.