BSE Sensex trims morning gains ahead of IIP data

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BSE Sensex was trading 47.86 points, while the NSE’s Nifty was trading 13.75 points at 2.45 pm. Reuters BSE Sensex was trading 47.86 points, while the NSE’s Nifty was trading 13.75 points at 2.45 pm. Reuters
SummaryBSE Sensex was trading 47.86 points or 0.23% higher at 20,381.83 points.

Markets trimmed their morning gains on Tuesday ahead of the industrial output data, which would be out on Wednesday. The BSE barometer, the Sensex was trading 47.86 points or 0.23% higher at 20,381.83 points, while the NSE's Nifty was trading 13.75 points or 0.23% higher at 6,067.20 points at 2.45 pm IST.

Experts expect markets to trade within a narrow range. “Nifty may trade within a range of 6000 – 6150 in near term. Selling pressure may increase, if Nifty breaks 6000 and close below support level,” Standard Chartered analysts said in a research note. “The trend in investment by foreign institutional investors (FIIs) and the data on industrial production for December 2013 which will be out on Wednesday will dictate the near-term movement,” the note added.

Among sectoral indices, BSE IT (1.10%), BSE Consumer Durables (0.59%) and BSE FMCG (0.02%) were the major gainers. Among individual stocks, Tata Motors (3.88%), Tata Steel (1.53%) and Oil & Natural Gas Corp (ONGC) (1.31%) were the major gainers. Shares of Tata Motors gained after the automaker reported 195% y-o-y rise in its net profit to Rs 4,804.80 in Q3. Tata Steel, GMR Infrastructure and JK Tyre Industries would be announcing its Q3 results on Tuesday.

Shares of Bharat Forge touched 52-week high of Rs 367 on Tuesday as the auto ancilliary player informed the exchanges post market hours on Monday that it plans to merge its subsidiaries Kalyani ALSTOM Power and ALSTOM Bharat Forge Power.

Among key Asian indices, the Hang Seng (1.78%), Kospi (0.46%), Straits Times (0.42%) and Shanghai Composite (0.84%) were the major gainers.

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