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Sensex rangebound; JP Associates, ICICI Bank up - Sathish - 06-22-2009

MUMBAI: Indian markets were rangebound on Monday with a positive bias led by gains in rate sensitives like banks and realty stocks. Positive global markets also provided support.

“US markets closed up and Asian markets are positive The World Bank said the global recession this year will be deeper than it predicted in March and warned that a flight of capital from developing nations will swell the ranks of the poor and the unemployed. On the domestic front, we expect our market to open up and rally for the day,” said Religare Securities report.

At 11 am, Bombay Stock Exchange’s Sensex was at 14609.18, up 87.29 points or 0.60 per cent. The 30-share index touched a high of 14662.29 and low of 14509.47.

National Stock Exchange’s Nifty was at 4323.95, up 10.35 points or 0.24 per cent. The broader index hit an intra-day high of 4352.25 and low of 4293.55.

“Trend deciding level for the day is 4282 4420. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 4358 – 4402/14661 - 14800. However, if Nifty trades below 4282/14420 for the first half-an-hour of trade then it may correct up to 4238/14281,” said Angel Broking note.

BSE Midcap Index was up 1.12 per cent and BSE Smallcap Index gained 0.95 per cent.

Amognst the sectoral indices, BSE Bankex gained 1.82 per cent, BSE Capital Goods Index moved up 1.63 per cent, BSE Realty Index advanced 1.60 per cent. BSE Oil&gas Index slipped 1.42 per cent lower.

Jaiprakash Associates (3.87%), ICICI Bank (3.52%), Reliance Communications (3.08%), ITC (2.58%) and DLF (2.25%) were amongst the Sensex gainers.

Losers included ONGC (-2.68%), Mahindra & Mahindra (-1.09%), NTPC (-1.06%), Reliance (-1.02%) and Sun Pharmaceuticals (-0.82%). Market breadth was positive on the BSE with 1264 gainers and 750 declines.

Among overseas markets, the S&P 500 and Nasdaq rose on Friday as positive broker comments on Microsoft boosted technology shares. The Dow Jones Industrial Average fell 15.87 points, or 0.19 per cent, to 8,539.73. But the Standard & Poor's 500 Index added 2.86 points, or 0.31 per cent, to 921.23 and the Nasdaq Composite Index rose 19.75 points, or 1.09 per cent to 1,827.47.

Asian stocks advanced on the back of the International Monetary Fund’s comments that it will lift its world growth forecasts. The Nikkei climbed 0.91 per cent, Hang Seng moved 2.52 per cent higher and Straits Times added 1.09 per cent.