Sensex, Nifty rangebound; Bharti, Sesa Sterlite top gainers

Written By Unknown on Kamis, 01 Januari 2015 | 16.02

14:15

Moneycontrol Bureau The market remained in a tight range with the Nifty consolidating near 8,270 level. The Sensex fell 26.68 points to 27472.74 and the Nifty declined 9.50 points to 8273.20.

The broader markets continued to outperform frontline indices with the BSE Midcap and Smallcap indices rising 0.6 percent and 1.1 percent, respectively. Nearly two shares advanced for every share declining on the Bombay Stock Exchange.
 
Prashant Jain of HDFC Asset Management says, "We cannot expect gains in 2015 to be more than 2014 but expect equities to outperform other asset classes in the long term." He is optimistic on the economic recovery, saying India is one of the few countries where interest rates will come down.

Bharti Airtel and Sesa Sterlite topped the buying list, up 1.8 percent each followed by SBI, L&T, ONGC, BHEL, Tata Steel and Cipla with 0.4-1 percent gain whereas HDFC, ITC, HDFC Bank, Reliance Industries, Dr Reddy's Labs, NTPC and HUL fell 0.4-1 percent.

A day after data showed that coal output grew by 14.5 percent in November, coal secretary, Anil Swarup told CNBC-TV18 that Coal India's output is expected to grow by 10 percent in 2015 at 507 million tonnes. For over a decade now, Coal India's output has been rising by less than 5 percent a year. Swarup said arrangements are in place to despatch all these 507 million tonnes.

Maruti Suzuki posted strong numbers in December, slightly better-than-expected as sales for Ciaz Cnd celerio led to good overall growth. Sales grew by 20.8 percent year-on-year to 1.09 lakh units in December. Eicher Motors too posted a good sales in December, total commercial vehicle sales rising  20.7 percent to 3,387 units (Y-o-Y).

The rupee weakened marginally to 63.32 versus a close of 63 a dollar yesterday. Dealers said increased demand for the dollar from importers and a lower opening in the domestic equity market would weigh on the rupee.


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