Sensex, Nifty rangebound; banks FMCG gain, metals slip

12:27

Moneycontrol Bureau Equity benchmarks were not showing any sign of major move on either side. The Sensex fell 9.80 points to 26339.53 and the Nifty declined 9.05 points to 7854.95. Banking and financials, and FMCG stocks saw buying interest while metals, capital goods and power stocks were under pressure.

The market breadth was negative. About 1053 shares have advanced while 1417 shares declined on the Bombay Stock Exchange.

Shane Lee, Director, Economist & Strategist - Equity Research, CIMB is neutral on India. However, he adds that the Indian market has held up rather well. But he is waiting to see how things play out.

Shares of Hindustan Unilever, Gail, ITC, Tata Motors, Axis Bank, BPCL and NMDC climbed 1-4 percent whereas Hindalco Industries, Sesa Sterlite, Mahindra and Mahindra, Tata Power, Reliance Industries, UltraTech Cement and Cairn India slipped 1-4 percent.

In key earnings today, second quarter is expected to be a strong for TCS and Hero Motocorp. Dollar revenue of TCS may see a 7.3 percent sequential growth to USD 3,965 million with marginal improvement in margins while Hero may report a 43 percent growth in profit Y-o-Y.

In the midcap space, Cyient, Tilak Finance, Emami, DB Corp and Religare Enterprises gained 4-7 percent while Strides Arcolab, GSFC, Amtek Auto, Den Networks and Persistent Systems lost 5-16 percent.

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