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Sensex, Nifty firm amid consolidation; ICICI, RIL support

The broader markets gained too with the BSE Midcap and Smallcap indices rising 0.5 percent each. Nearly two shares advanced for every share declining on the Bombay Stock Exchange.

10:15

The News International Team

Sensex, Nifty firm amid consolidation; ICICI, RIL support

Equity benchmarks gained some strength after flat opening today. The Sensex rose 68.02 points to 27471.56 and the Nifty climbed 22.30 points to 8270.55. Banks, capital goods, oil & gas, metals and power stocks supported the market while auto stocks remained under pressure.

The broader markets gained too with the BSE Midcap and Smallcap indices rising 0.5 percent each. Nearly two shares advanced for every share declining on the Bombay Stock Exchange.

Gaurav Mehta, Ambit Capital says with key trendline resistance in the 8150-8200 region having been respected barring a brief intra-week breach, the near-term uptrend in the index has been reinforced while the structural trend stays up.

“We look for higher levels on the Nifty over the next few weeks, in the range of 8800-9000,” he adds.

Shares of ICICI Bank, Reliance Industries, Axis Bank, State Bank of India, L&T, Dr Reddy’s Labs, ONGC, HDFC and ITC were up 0.2-1 percent whereas HDFC Bank declined 0.4 percent.

Auto stocks like M&M, Bajaj Auto, Tata Motors, Maruti and Hero dropped 0.2-1.7 percent on likely removal of excise sops to auto industry.

09:15

Nifty opens below 8250; M&M, Maruti, Bajaj Auto weak

The Indian rupee opened with marginal gain of 7 paise at 63.31 per dollar versus 63.38 a dollar on Tuesday.

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08:49

See Nifty at 8800-9000 in next few weeks, buy TCS: AmbitRead More »

“We look for higher levels on the index over the next few weeks, in the range of 8800-9000,” says Gaurav Mehta, Ambit Capital.

Read More »

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