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Nifty retreats from 5300; oil & gas, banks lead

23 Apr 10 03:21 PM
ET
MUMBAI: Markets were moving in a narrow range with positive bias taking cues from global peers. Gains in oil&gas and banks were offset by losses in metals and power space.

“Technically the high of 5332 made yesterday is a crucial resistance as it coincides with the trend line adjoining tops of 7th, 12th and 15th April. Big boy Reliance will be announcing its quarterly results today along with Wipro and Ranbaxy. Union cabinet and Cabinet Committee on Economic Affairs are meeting today to discuss auto fuel policy,” said Anagram Stock Broking note.

At 9:30 am; National Stock Exchange’s Nifty was at 5278.90, up 9.55 points or 0.18 per cent. The index touched a high of 5300.55 and low of 5269.65 in early trade.

Bombay Stock Exchange’s Sensex was at 17632.28, up 58.29 points or 0.33 per cent. The 30-share index hit a high of 17693.28 and low of 17533.88 in trade so far.

BSE Midcap Index was up 0.33 per cent and BSE Smallcap Index moved 0.63 per cent higher.

Amongst the sectoral indices, BSE Oil&gas Index gained 0.88 per cent and BSE Bankex moved 0.72 per cent higher. BSE Metal Index slipped 0.86 per cent and BSE Power Index declined 0.24 per cent.