MM, Sesa Sterlite top gainers; Sensex, Nifty rangebound

Dec 05, 2014, 02.26 PM IST | Source: Moneycontrol.com

Sesa Sterlite topped the buying list, up 2.66 percent followed by Mahindra and Mahindra, and ITC climbed nearly 2 percent. L&T, HDFC, HDFC Bank, ICICI Bank and Axis Bank advanced 0.2-0.8 percent.

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M&M, Sesa Sterlite top gainers; Sensex, Nifty rangebound

Sesa Sterlite topped the buying list, up 2.66 percent followed by Mahindra and Mahindra, and ITC climbed nearly 2 percent. L&T, HDFC, HDFC Bank, ICICI Bank and Axis Bank advanced 0.2-0.8 percent.

14:26

Moneycontrol Bureau The market remained flat as the 50-share NSE Nifty hovered around the 8550 mark while midcaps exhibited mild outperformance. Meanwhile for the week the benchmark indices are likely to be flat and the NSE Midcap Index is headed to close with 3 percent gains.

The Sensex declined 4.33 points to 28558.49 and the Nifty rose 1.10 points to 8565.50. About 1498 shares have advanced, 1292 shares declined, and 107 shares are unchanged.

Nirmal Jain of IIFL told CNBC-TV18 that the Budget is expected to be a good one and the underlying trend for this market is strong. He does not expect to see any correction atleast until the Budget in February.

Sesa Sterlite topped the buying list in the Sensex, up 2.66 percent followed by Mahindra and Mahindra, and ITC climbed nearly 2 percent. L&T, HDFC, HDFC Bank, ICICI Bank and Axis Bank advanced 0.2-0.8 percent. However, shares of TCS, Infosys, Dr Reddy's Labs, Sun Pharma, ONGC and Wipro declined 1-2 percent.

In important stock action, India's largest lender SBI cut interest rates of three retail term deposits by 25 basis points. The management told CNBC-TV18 that the bank expects a positive impact on margins, liquidity in the system is adequate and that base rates will be cut in CY15.

The rupee recovered marginally to 61.86 a dollar compared to a close of 61.92 in previous session on increased selling of the dollar by exporters and banks amid persistent foreign capital flows.

Global markets remained upbeat with consistent outperformance from the Shanghai index. For the week, Shanghai rallied 10 percent. For today, European markets also traded in the green with a gain of 0.5 percent.