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Nifty, Sensex flat to end positive; Consumer durable, financial stocks up

 


• The Nifty Consumer Durables index was the top gainer today, gaining more than one per cent. Nifty IT, Pharma, Banking and Financial Services indices rose 0.5-0.8% each. Meanwhile, the metal and media indices declined today


The benchmark indices opened at the day's low on January 3, but soon turned flat. Later in the day, investors and traders returned to the market and the indices moved in the green. At the close, Nifty was up 35.10 points or 0.19% at 18,232.55, Sensex was up 126.41 or 0.21% at 61,294.20.


With trading volumes slowly coming back up as global markets begin to open, investors are now watching for the FOMC meeting minutes.


HDFC Life, SBI Life Insurance, Axis Bank, Titan Company and TCS were the top gainers on the Nifty. On the other hand, Hindalco, Britannia Industries, M&M, JSW Steel and Grasim Industries were among major losers.


Sector-wise, the Nifty Consumer Durables index was the top gainer today, gaining over one per cent. Nifty IT, Pharma, Banking and Financial Services indices rose 0.5-0.8% each. Meanwhile, the Metal and Media indices declined today after a strong performance on January 2.


“In the absence of major economic triggers, the domestic market has shifted its focus towards Q3 earnings season, which is set to begin this week. The banks' early quarterly business results revealed solid business traction backed by strong loan growth. IT and banks will be on center stage in the days to come as the market trend will be dictated by the early signals from the sector majors."


On the BSE, 2,032 scrips advanced, while a total of 3,665 scrips traded, of which 1,491 declined.


The rupee ended the day at 82.88/US$ against Monday's closing price of 82.74/USD.


The Indian rupee continued to slide as importers rushed to buy the dollar, while inflows remained muted as traders awaited the minutes of Wednesday's FOMC meeting.



“Spot USDINR is consolidating in a narrow range of 82.40 to 82.95. Looking at the price action of the dollar against the major currencies, the probability of an upside breakout in the pair is high. Once the breakout confirms above 83, a short-covering rally will be imminent and 83.50 and 83.70 levels can be seen in the very near term," said Dilip Parmar, Research Analyst, HDFC Securities.

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