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Sensex hovers around 27K; RIL up, ICICI Tata Motors fall

Reliance Industries gained 1.5 percent as media report suggested that the company is in race to supply diesel to Indian Railways. HUL gained another 3 percent in addition to 2 percent upside in previous session.

10:14

The News International Team

Sensex hovers around 27K; RIL up, ICICI & Tata Motors fall

The market entered into a consolidation mode after a 3 percent cut seen in previous session. Metals and healthcare stocks were under pressure while oil & gas, select banks and technology shares gained.

The Sensex rose 58.09 points to 27045.55 and the Nifty climbed 23.15 points to 8150.50. The BSE Midcap and Smallcap indices outperformed benchmarks, rising half a percent each. About 1147 shares have advanced, 709 shares declined, and 445 shares are unchanged on the Bombay Stock Exchange.

Arvind Sanger of Geosphere Capital feels the Nifty easily has room to slide another 5-7 percent because of adverse Nifty cues. He sees elections in Greece, a likely exit of that country from the European Union and concerns over a possible rate hike in the US as the major factors weighing down global markets in the short term.

In an interview to CNBC-TV18, Sanger says a failure on the part of the European Central Bank to deliver on quantitive easing (QE) and a possible victory for the opposition part in Greece could undermine sentiment further. He says the market will be closely watching the minutes of the last Fed meeting, to be released on Thursday.

Sanger sees the Nifty slipping below 8000, and says he will use the opportunity to selectively buy stocks he is bullish on.

Reliance Industries gained 1.5 percent as media report suggested that the company is in race to supply diesel to Indian Railways. HUL gained another 3 percent in addition to 2 percent upside in previous session.

TCS, Infosys, HDFC Bank and State Bank of India rebounded with half a percent gains while GAIL topped the selling list after media report suggested that the state-run gas transmission company postponed LNG tender date as it finds no takers. ICICI Bank, Tata Motors and BHEL declined 1.5 percent each.

Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.

09:13

Nifty hovers around 8100, Sensex flat; Infosys, HUL gainers

After the carnage seen on Tuesday, the market has opened with marginal loss today. The Sensex is down 30.23 points at 26957.23 and the Nifty is down 8.70 points at 8118.65. About 355 shares have advanced, 217 shares declined, and 416 shares are unchanged

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