MUMBAI: Equities bounced back and held on to early gains in line with other Asian peers after a sharp correction in previous session. Sentiments also turned bullish as crude oil prices slipped to a three-week low to $107 per barrel. Investors will be keenly awaiting the Reserve Bank of India's policy review on Thursday for any rate hike decision.
At 10:55 am; National Stock Exchange's Nifty was at 5510.95, up 61.30 points or 0.98 per cent. The index touched a high of 5517.60 and low of 5475.95 in early trade.
Bombay Stock Exchange's Sensex was at 18378.90, up 211.18 points or 1.13 per cent. The 30-share index hit a high of 18400.55 and low of 18263.68 in trade so far.
"Hourly momentum oscillators have turned sideways owing to the choppy moves, and the index is whipsawing against the 21 and 50 hourly EMAs. The intraday volatility for the past few sessions suggests that Nifty is clearly in restricted to a trading range of 5300-5600 and is not likely to break past in the near future.
The sell-off can be mainly attributed to strong declines in realty, auto, metals and power shares. BSE Oil & Gas index is in a clear uptrend making higher tops and bottoms on weekly chart. We look for a test of 10225 over the coming week," said Edelweiss report.
BSE Midcap Index was up 1.37 per cent and BSE Smallcap Index moved 1.61 per cent higher.
All the sectoral indices were in the green. BSE Realty Index gained 2.04 per cent, BSE Bankex moved 1.58 per cent higher and BSE Power Index was up 1.36 per cent.
Reliance Infrastructure (4.02%), Reliance Power (2.78%), BPCL (2.62%), Sterlite Industries (2.06%) and ICICI Bank (2.05%) were the major Nifty losers.
Hindustan Unilever (-1%), Hero Honda (-0.98%) and GAIL (-0.60%) were the only loser.
Market breadth was negative on the NSE with 1769 declines against 606 advances.
Most Asian markets pulled-back after sharp correction. Nikkei 225 rose 3.69 per cent, Taiwan Weighted was up 1.04 per cent and Kospi moved 1.13 per cent higher.
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