MUMBAI: The Sensex was witnessing a choppy session due to lack of fresh buying interest near resistance levels. Realty, healthcare and capital goods led the gainers’ pack while metals, technology and auto sectors were moderately in the red.
At 01:00 pm, the 30-share BSE index was at 17,275.50, up 39.32 points or 0.23 per cent. The index has touched a high of 17,283.49 and a low of 17,189.16 in trade today.
The Nifty was at 5,243.45, up 14.45 points or 0.28 per cent. The index has touched a high of 5,246.30 and a low of 5,212.65 in trade today.
“Short-term momentum oscillators have rolled bullish, with RSI moving above its mean level of 50. However, broadly we are likely to trade in a range. Price action has indeed crossed above the 5,200 mark and is highly likely to face resistance at the ‘short day’ candlestick high of 19th July at 5,257. It is recommended to trade on the short side with stop-loss above 5,300 targeting 5,050,” said an Edelweiss report.
The BSE Midcap Index was up 0.80 per cent and the BSE Smallcap Index gained 1.01 per cent.
Among sectoral indices, the BSE Realty Index was up 1.23 per cent, the BSE Healthcare Index gained 1.01 per cent and the BSE Capital Goods Index moved 0.91 per cent higher. The BSE Metal Index was down 0.60 per cent and the BSE IT Index slipped 0.46 per cent.
Cipla (4.56%), BHEL (1.95%), SBI (1.72%), Tata Power (1.38%) and HDFC (1.34%) were among the major Sensex gainers.
Credit Suisse has maintained ‘outperform’ on Cipla with a raised target of Rs 390. Positive changes in the business model by the new management and increasing utilization of the indore sez are the key positives. The company is likely to benefit in the second quarter as well from Lexapro exclusivity, the brokerage says.
Losers included Coal India (3.24%), Hero MotoCorp (1.18%), ONGC (1.10%), Maruti Suzuki (0.98%) and Bharti Airtel (0.95%).
JP Morgan is underweight on Coal India with a target of Rs 300. It is of the view that additional obligation of being an importer of coal is not positive for the company. The real challenge is likely to arise when global coal prices spike up and whether transmission of prices is smooth.
The market breadth was positive on the BSE with 1,559 gainers and 940 losers.
Foreign institutional investors bought equities worth Rs 879.96 crore on Tuesday, as per provisional data from the NSE.