Sensex, Nifty close rangebound session flat; RIL, TCS up 1%

It was completely a rangebound session for the BSE Sensex and NSE Nifty on Tuesday as the market took its time to digest lower than expected measures announced by RBI yesterday to curb rupee's slide and weak global cues. The market may still be hoping that the government may announce more measures going ahead to give a boost to sluggish economic growth.

The BSE benchmark rose 24.42 points to close at 16,906.58 after moving in a range of 131 points intraday. The NSE benchmark moved up 6.15 points to 5,120.80 after hitting an intraday high of 5,134.55 and low of 5,095.50.

Globally every market is waiting for the European Union summit that scheduled for June 28-29 in Brussels, but market experts are not hopeful for any solution to ongoing Eurozone debt crisis. Yesterday Cyprus, third smallest economy in Eurozone, also joined the bailout queue (after Greece, Ireland, Portugal and Spain) due to heavy exposure to Greece and Fitch downgrade to junk.

Jerome Booth of Ashmore Investment doesn't expect to see significant positive announcements from the summit. He says that hopes of sustainable measures from the European Union summit are fading. ''I am afraid it's probably going to be more of the same pattern of policy makers being behind the curve, rather than in front,'' he said.

France's CAC, Germany's DAX and Britain's FTSE were flat at 15:31 hours IST. The Dow Jones and Nasdaq futures were marginally higher.

Back home, oil & gas producers Reliance Industries and ONGC gained 1-1.5%. State-owned gas transportation services provider GAIL topped the buying list, rising 2.7%.
Country's largest software services exporter TCS rose 1.4% whereas its rival Infosys declined 1%.

Private sector lender HDFC Bank was up 1.3% while its rival ICICI Bank fell 0.2%. Defensives like Sun Pharma, Dr Reddy's Labs and Cipla were up 0.5-1%.

Among auto stocks, Mahindra & Mahindra and Hero Motocorp rose 1% each; Tata Motors and Bajaj Auto moved up 0.3-0.6%.

State-owned power producer NTPC and power equipment manufacturer BHEL went up 0.8% whereas engineering and construction major by sales Larsen & Toubro was down 0.45%.

However, FMCG majors ITC and HUL fell 1-2%. Top telecom operator Bharti Airtel declined 0.8%. Steel makers Sterlite Industries and Tata Steel lost 1% each.

The Indian rupee continued to move around 57 to the dollar level today. The broader markets too were flat as the market breadth was neutral.

In the second line shares, media and entertainment stocks like Dish TV, Sun TV and Zee Entertainment gained nearly 3%. TV Today and Network 18 (Note: Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group) shot up over 7%.

Gold loan financing companies Muthoot Finance and Manappuram Finance surged 11% each. 3i Infotech, Tata Global Beverage, United Phosphorous and Gati were up 3.5-9%.

However, Essar Oil, JSW Energy and Jagran Prakashan were down 3-5%. Sintex Industries and Alok Industries declined 1.4% each.

At 14:16 hours IST: Nifty in tight range; SBI, L&T, ICICI Bank most active

The 50-share NSE Nifty continued to move in a narrow range of 5100-5135 since morning trade due to lack of domestic and global cues. The broader markets too remained lacklustre.

The BSE benchmark rose 34.76 points to 16,916.92 and the NSE benchmark gained 10 points at 5,124.75. Among sectoral indices, BSE Oil & Gas, Power, Bank and Realty indices climbed 0.5-1% while FMCG and Metal declined 0.4-0.7%.

Index heavyweight Reliance Industries and state-owned oil & gas producer ONGC were up 1% and 1.6%, respectively.

Private sector lender HDFC Bank rallied 1.8% while its rival State Bank of India went up 0.4%.

India's largest software services exporter TCS jumped 1.4% whereas its rival Infosys was down 1%.

State-owned gas transportation services provider GAIL surged 2.5% and private power producer Tata Power climbed 2%.

Top commercial vehicle major Tata Motors and second largest two-wheeler maker Bajaj Auto were up 0.5% each.

However, shares of ITC and HUL slipped 0.8% and 2%, respectively.

Most active shares on exchanges were SBI, L&T, Tata Steel, HDIL, ABG Shipyard, Infosys, Reliance Industries and ICICI Bank.

On the global front, France's CAC, Germany's DAX and Britain's FTSE were flat.

At 13 hours IST: Nifty, Sensex lacklustre; ITC, HUL, Infosys under pressure

The 30-share BSE Sensex and 50-share NSE Nifty remained lacklustre since early trade. European markets too opened flat ahead of a critical EU summit that scheduled for June 28-29 in Brussels.

The BSE benchmark was up 17.29 points at 16,899.45 and the NSE benchmark rose 6.35 points to 5,121.

State-owned oil & gas producer ONGC and gas transportation services provider GAIL topped the buying list, rising 2.5% each.

Index heavyweight Reliance Industries and country's largest lender State Bank of India were marginally higher.

Private sector lender HDFC Bank and top software services exporter Tata Consultancy Services gained 1% each while Infosys slipped 1%.

Drug makers Sun Pharma, Dr Reddy's Labs and Cipla were up around 1%.

However, FMCG majors ITC and HUL were down 0.74% and 2.3%, respectively. Steel producers Tata Steel and Sterlite Industries declined 1%.

Top telecom operator Bharti Airtel and engineering and construction major by sales Larsen & Toubro were marginally down.

At 11:48 hours IST: Volatile Sensex, Nifty up; Rupee moves around 57/$

The BSE Sensex and NSE Nifty gained marginal strength amid choppy trade led by buying interest in banks, oil & gas and healthcare stocks. However, the fall in FMCG and steel stocks has limited the upside.

The BSE benchmark moved up 32.44 points to 16,914.60 and the NSE benchmark gained 11 points at 5,125.70. The Indian rupee too was moving around 57 to the dollar level.

Private sector lender HDFC Bank rose over 1% while its rival State Bank of India went up 0.5%. Top private sector lender ICICI Bank turned positive.

Oil & gas producers ONGC and Reliance Industries advanced 1.9% and 0.4%, respectively.

Country's largest software services exporter TCS rallied over 1.5% whereas its rival Infosys dropped 1%. FMCG majors HUL and ITC were down 1.8% and 0.4%, respectively.

Advancing shares outnumbered declining by 1191 to 980 on the BSE.

In the second line shares, Manappuram Finance, Hexaware Tech, Jain Irrigation, Tata Global Beverage and Puravankara Projects gained 3-9% whereas Gujarat Mineral, Strides Arcolab, Rallis India, Fresenius Kabi and Jagran Prakashan fell 2-3%.

On the global front, France's CAC, Germany's DAX and Britain's FTSE futures were flat, pointing to a quiet opening ahead of a critical European Union summit that scheduled for June 28-29 in Brussels.

At 10:20 hours IST: Sensex in narrow range; TCS, ONGC, Tata Power move up

Indian equity benchmarks remained in a narrow range around their previous closing values. The market seemed to be priced in weak global cues and yesterday's less than expected measures announced by the RBI. It may still be hoping that the government will announce more measures to boost economic growth.

The BSE benchmark was down 31 points to 16,851.27 and the NSE benchmark declined 9 points to 5,106.10. The broader markets too were flat.

According to Gaurav Doshi of Morgan Stanley Private Wealth, India is currently dealing with three major domestic issues – currency, liquidity and policy. Since global cues remain uncertain, he says all eyes are going to be on the domestic front.

''I think the global situation is pretty much assumed to be a muddle through situation for right now, and therefore all eyes are on the domestic front as to what we get from the government in terms of policy initiatives and what sort of progress we see on that front,'' he said in an interview to CNBC-TV18.

FMCG majors ITC and HUL were down 0.9% and 1.7%, respectively.

Country's second largest software services exporter Infosys fell 1.3% whereas its rival TCS gained 1%.

Among metals stocks, Tata Steel and Sterlite Industries dropped over 1%.

Top private sector lender ICICI Bank went down 0.37% while its rival HDFC Bank was up 0.4%. Top lender State Bank of India stayed flat.

Engineering and construction major by sales Larsen & Toubro declined 0.4%.

However, state-owned oil & gas producer ONGC advanced 1.4% and private power producer Tata Power jumped nearly 2%.

Defensives like (healthcare) Sun Pharma and Dr Reddy's Labs gained 1%.

In the second line shares, Jain Irrigation, Sun TV and GATI were up 3-5%.

At 9:20 hours IST: Sensex, Nifty flat despite weak global cues

The BSE Sensex and NSE Nifty started off trade on a flat note on Tuesday, even after a fall in global equity markets due to increasing skepticism around the European Union summit that scheduled for June 28-29 in Brussels.

The BSE benchmark moved up 13.76 points to 16,895.92 and the NSE benchmark was up 6 points at 5,120.60.

Asian markets were marginally lower today following downward journey in US equities yesterday. Cyprus, third smallest economy in Eurozone also joined the bailout queue and announced intention to request for funding. It was the fifth country (after Greece, Ireland, Portugal and Spain) to seek refuge.

Back home, JP Associates, Tata Power, Reliance Infra, JSPL, L&T, BHEL, Reliance Industries, ONGC, Kotak Mahindra Bank, SBI, BoB, HDFC Bank, ACC and Ambuja Cements were supporting the market in early trade.

However, Infosys, HCL Tech, Tata Steel, SAIL, Hindalco, Power Grid, NTPC, Siemens, HUL, ITC and Hero Motocorp were under pressure.

The CNX Midcap Index rose 26 points to 7,145 as about two shares advanced for every share declining on the National Stock Exchange.

In the second line shares, ARSS Infra shot up 5% and Jaypee Infratech gained 4%. Manappuram Finance rallied 4%.

HCC was up 0.8% and NCC climbed 2.5%. Petronet LNG and Gujarat State Petronet were up 1% each.

However, Essar Oil declined 2.5% as Essar Energy plans to appeal HC's decision in sales tax case (in case of Essar Oil) to SC.