The market remained rangebound with the Nifty hovering around 8540-8600 levels. Private banking & financials, FMCG and healthcare stocks supported the market whereas oil & gas, capital goods, metals and power stocks were under pressure.
The Sensex advanced 51.75 points to 28213.47 and the Nifty went up 10.45 points to 8553.40. The market breadth turned in favour of declines with a ratio of 1318:921. Asian equity markets traded weak, struggling for direction on the back of an uninspiring lead from Wall Street overnight. Brent hovered near USD 55 a barrel while gold traded near 2 and half weeks highs. Sun Pharma gained 2 percent ahead of a press meet today at 12, which will be most likely to highlight the regulatory nods for merger with Ranbaxy. The stock has been active since CCI gave its final nod for the Sun-Ranbaxy merger.
Tata Motors recovered yesterday's losses, up 1.4 percent ahead of a board meet today to consider detailed terms of proposed Rs 7,500 crore rights issue and consider buy-back of secured non-convertible debentures with face value of Rs 1,250 crore.
Rolta India gained 3.4 percent as the company and Hitachi India establish partnership to explore new business opportunities. The management said that they will do certain projects exclusively with Hitachi and will bid for smart city projects along with them.
GAIL is the top Sensex loser, down almost 3%. NTPC, ONGC, L&T, RIL, Tata Power and BHEL have dipped between 0.5-2.5%.
Sun Pharma has risen up over 1%. The company has received Reserve Bank of India approval for transfer of the foreign investments of Ranbaxy to it and issuing its shares to non-resident shareholders of the latter as part of their $4-billion merger deal.
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