Sensex inches up 17 points ahead of GDP data, RBI policy

Mumbai :Domestic market traded in a narrow range today amid investors eyeing the GDP data and the RBI monetary policy review as the benchmark BSE Sensex rose for the third session by edging up 17.47 points to 26,145.67.

Investors preferred to stay light on positions before the release of September quarter GDP data scheduled post market hours and the Reserve Bank’s policy review tomorrow, where it is likely to keep monetary policy steady amid lingering concerns over inflation.

Moreover, cautioned prevailed on sustained outflows by foreign funds and a weak trend in global markets as investors are waiting for key US jobs numbers and a European Central Bank meeting later this week.

“Market participants are hopeful of GST bill passage, however, concerns over Fed meeting followed by ECB policy meet limited the gains,” said Vinod Nair Head Fundamental Research Geojit BNP Paribas Financial Services.

The 30-share index, which had gained 352.46 points in the previous two sessions, rose 17.47 points or 0.07 per cent to 26,145.67. The index has now gathered 369.93 points or 1.44 per cent in three sessions.

The broader NSE Nifty eased by 7.45 points or 0.09 per cent to close at 7,935.25 after two days of gain.

On a monthly basis, Sensex dropped 511.16 points or 1.91 per cent, the most since August, on sustained outflows by foreign funds, while Nifty retreated 130.55 points or 1.61 per cent.

Automobile companies M&M, Tata Motors and Bajaj Auto saw solid buying interest and gained up to 1.41 per cent on hopes of strong monthly sales figures for November to be released tomorrow.

Expectations that the government will push through its efforts for a compromise on the GST Bill in the ongoing Winter session of Parliament also had a positive bearing on sentiment.

However, profit booking in recent gainers towards the fag end of the session and a weak trend in Asia capped the gains.

Other Asian markets ended mostly lower as key indices like Hong Kong, Japan, Singapore, South Korea and Taiwan fell by 0.11-1.82 per cent while Shanghai index rose by 0.26 per cent.

European stocks reversed initial losses amid speculation that the European Central Bank will announce a round of fresh measures to boost the euro zone later this week.

Key indices like France and Germany moved up between 0.44 per cent and 0.71 per cent, respectively while the UK’s FTSE was quoted lower by 0.24 per cent.

Major gainers were Infosys (2.08 pc), ICICI Bank (1.67 pc), M&M (1.41 pc), Tata Motors (1.39 pc), Bajaj Auto (1.34 pc) and L&T (0.75 pc).

However, Bharti Airtel fell by 2.09 per cent followed by Vedanta 1.96 per cent, Coal India 1.65 per cent, Lupin 1.31 per cent, Sun Pharma 1.26 per cent, NTPC 1.21 per cent, RIL 1.13 per cent, HDFC 1.05 per cent and HUL 0.98 per cent.
Among the BSE sect
or and industry, IT rose by 1.07 per cent followed by Consumer Durbale 1.04 per cent, realty 0.97 per cent, utilities 0.78 per cent and teck 0.58 per cent while telecom fell by 1.72 per cent, FMCG 0.63 per cent, energy 0.60 per cent and healthcare 0.41 per cent.

The market breadth remained positive as 1,632 stocks ended higher, 1,073 finished in red while 211 ruled steady. The total turnover rose to 2,831.87 crore from Rs 2,721.04 crore on Friday.