Sensex, Nifty maintain uptrend; Realty stocks supports
07/07/2015 13:40

The key domestic benchmark indices were trading with modest gains in the noon trading session holding the crucial levels of 28200 (Sensex) and 8500 (Nifty) as decline in crude oil prices and a strong rupee buoyed the trading sentiments.

At 13:17 hours the BSE benchmark SENSEX was trading at 28267.15 up by 58.39 points, while the NSE Nifty was quoting 20.15 points higher at 8542.3.

The sentiments of the investors remained upbeat as experts reckoned that a drop in crude prices will help oil marketing companies to improve their margins and bring down import burden. Oil marketing companies, including HPCL and IOC were rallying after crude oil prices plunged 6 per cent to trade near 2-month lows on Monday, amid Chinese crisis and Greece debt crisis.

Meanwhile, the Greek drama seems to have stabilized and so is the sell-off in the global equity markets with investors once again moving to risky assets from the safe heavens.

Moreover, all eyes are set on the corporate earnings season which will kick off on Thursday with TCS announcing its Q1 result.

In the bullish trade so far, the BSE Sensex touched an intraday high of 28335.23 and an intraday low of 28200.97, while the NSE Nifty touched an intraday high of 8561.35 and an intraday low of 8523.45.

Leading the rally in the BSE Sensex pack were Coal India Ltd. (Rs. 428.05,+1.93%), Housing Development Finance Corporation Ltd. (Rs. 1341.00,+1.75%), Wipro Ltd. (Rs. 557.50,+1.40%), Sun Pharmaceutical Industries Ltd. (Rs. 887.55,+0.98%), Axis Bank Ltd. (Rs. 588.15,+0.73%), among others.

However, some selling was witnessed in stocks including NTPC Ltd. (Rs. 134.40,-2.57%), Vedanta Ltd. (Rs. 159.95,-1.90%), Hero MotoCorp Ltd. (Rs. 2573.00,-1.51%), Hindalco Industries Ltd. (Rs. 107.80,-1.15%), Hindustan Unilever Ltd. (Rs. 916.85,-1.08%), among others.

On the back of ongoing economic developments, progress of monsoons and a possibility of a rate cut, realty stocks were trading higher in today’s trade. Sobha Realty, Unitech, DLF, HDIL, NBCC are trading higher between 1-3 per cent.

The Market breadth, indicating the overall strength of the market, was positive. On BSE out of total 2664 shares traded, 1653 shares advanced, 907 shares declined while 104 remained unchanged.

On the global front, Asian peers were trading on a mixed note tracking a bearish close at Wall Street overnight as traders closely watched the EU’s next move after Greece out -rightly rejected demands for more spending cuts and tax hikes tied to fresh rescue aid.