Nifty flat; Sesa Sterlite up 5%, Infosys hits 3-year high

Written By Unknown on Senin, 16 Desember 2013 | 16.02

14:19

Moneycontrol Bureau
The market is consistently hovering around its previous closing value as it is looking for a trigger to get direction on either side. In the near term, the market is likely get cue from RBI policy due on Wednesday and Federal Reserve's meeting on December 17-18.

The Sensex rose 10.65 points to 20,726.23, and the Nifty advanced 3.10 points to 6,171.50. Declining shares outnumbered advancing ones by ratio of 1221 to 1001 on the BSE.

Contrary to market expectation, Richard Gibbs of Macquarie Securities does not expect the US Federal Reserve to alter its stance on the monetary policy at the moment. He feels the Fed will want to see more data before taking a call. He has a 50 percent probability on March 2014 for the commencement of tapering.

He says the delay in tapering will obviously help emerging markets in terms of fund flows. He expects India to enter the New Year in a fairly well supported way and with a reasonably right position in terms of capital accounts and capital inflow.

Sesa Sterlite is the top gainer in the Sensex, rising 5 percent followed by Infosys with a 2.35 percent gain. In fact, Infosys touched a three-year high of Rs 3,464 apiece today.

Shares of ICICI Bank, TCS, Larsen and Toubro, Coal India and Maruti Suzuki gained 1-1.5 percent.

However, the laggards are Reliance Industries, ITC, Sun Pharma, HDFC Bank, Bharti Airtel, HDFC, ONGC, Mahindra and Mahindra and Hindustan Unilever that fell between 0.6-2 percent.



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