Sensex, Nifty rangebound; Sesa Sterlite, MM top gainers

Feb 23, 2015, 02.07 PM IST | Source: Moneycontrol.com

Mahindra and Mahindra climbed 2 percent as the utility vehicle maker launched its XUV500 Xclusive edition at Rs 14.48 lakh ex-Mumbai today. Sesa Sterlite was up 3 percent as its subsidiary BALCO won Gare Palma IV/1 coal block at Rs 1,585 per tonne and the company also proposed its name change to Vedanta.

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

14:07

Moneycontrol Bureau The market erased morning gains amid consolidation. The 30-share BSE Sensex declined 30.08 points to 29201.33 and the 50-share NSE Nifty slipped 19.20 points to 8814.40.

However, the broader markets were still in green. The BSE Midcap was up 0.2 percent and Smallcap gained 0.3 percent. About 1361 shares have advanced, 1369 shares declined, and 213 shares are unchanged on the BSE.

Dhananjay Sinha, Emkay Global Financial Services says market needs to be looked at from the context of what was reported in the third quarter earnings and the recent political developments pertaining to Delhi election outcome and Bihar, which impinges on the positivity of the current government.

The market has been running up significantly higher implying that has become expensive just on the basis of downgrades. Therefore, one needs to be a bit circumspect of what the market is currently pricing and what can be evolved going forward with Budget in prime focus, Sinha adds.

TCS and L&T gained 1.4 percent each while Reliance Industries, HDFC, Axis Bank, SBI, HUL and Bajaj Auto fell 0.7-1.3 percent.