A sharp fall below 6,020 will push the Nifty towards 5,950 while a close above 6,100 will mean a continuation of the creeping bull market
 

The benchmarks managed to retain their psychological levels of 20,000 on the Sensex and 6,000 on the Nifty amid highly choppy trade, a day ahead of the expiry of the near-month F&O contract. A sharp fall below 6,020 will push the Nifty towards 5,950 while a close above 6,100 will mean a continuation of the creeping bull market. The National Stock Exchange (NSE) recorded a volume of 68.59 crore shares and advance-decline ratio of 584:932.

The domestic market opened higher tracking the firm Asian markets in morning trade on signs of global economic growth picking up. US markets closed mostly higher on Tuesday on better-than-expected earning reports. The Indian market is expected to remain volatile ahead of the expiry of the January F&O contract on Thursday.

The Nifty started off 15 points higher at 6,065 and the Sensex resumed trade 24 points up at 20,015. Early buying in oil & gas, realty, consumer durables and metals lifted the market to its high in the first hour. At the intraday high, the Nifty rose to 6,072 and the Sensex stood at 20,073.

However, profit booking at higher levels saw the indices paring part of their gains in subsequent trade. The benchmarks entered the negative terrain in noon trade as selling intensified amid choppy trade. The decline led the indices to their lows wherein the Nifty fell to 6,044 and the Sensex retracted to 19,965.

The market continued to move sideways, fluctuating between the red and green in the absence of any positive triggers and the key European markets opening flat. But buying in realty, consumer durables, oil & gas and banking stocks helped the market pick some momentum in late trade.

The market closed marginally in the green with the Nifty adding six points (0.10%) to 6,056 and the Sensex rising 14 points (0.07%) to settle at 20,005.

While the Sensex managed to close in the green, the broader indices were not so lucky. The BSE Mid-cap index shed 0.03% and the BSE Small-cap index fell 0.21%.

The top sectoral gainers were BSE Realty (up 1.39%); BSE Consumer Durables (up 1.24%); BSE Oil & Gas (up 1.06%); BSE Bankex and BSE Healthcare (up 0.36% each). The main losers were BSE Capital Goods (down 1.24%); BSE Power (down 0.68%); BSE Auto (down 0.49%); BSE TECk (down 0.18%) and BSE PSU (down 0.07%).

Twelve of the 30 stocks on the Sensex closed in the positive. The chief gainers were Cipla (up 2.69%); Hindustan Unilever (up 1.97%); Reliance Industries (up 1.87%); Tata Steel (up 1.75%) and Wipro (up 1.72%). The key losers were GAIL India (down 3.35%); Tata Power (down 2.73%); Larsen & Toubro (down 1.92%); Jindal Steel & Power (down 1.61%) and Tata Motors (down 1.53%).

The top two A Group gainers on the BSE were—National Aluminium Company (up 8.12%) and Pidilite Industries (up 5.80%).

The top two A Group losers on the BSE were—HDIL (down 5.35%) and Gujarat Fluorochemicals (down 3.49%).

The top two B Group gainers on the BSE were—SEL Manufacturing Company (up 16.67%) and Uttam Galva (up 15.90%).

The top two B Group losers on the BSE were—WPIL (down 20%) and Shiv Vani Oil & Gas Exploration Services (down 14.11%).

Out of the 50 stocks listed on the Nifty, 23stocks settled in the positive. The major gainers were DLF (up 3%); Cipla (up 2.41%); ACC (up 2.31%); Sesa Goa (up 2.26%) and Ambuja Cement (up 2.26%). The chief losers were GAIL India (down 3.29%); Punjab National Bank (down 3.03%); Tata Power (down 2.96%); L&T (down 2.17%) and Jindal Steel & Power (down 1.96%).

Markets in Asia settled mostly higher on optimism from corporates on earnings for the December quarter. Hopes of the US Federal Reserve announcing fresh initiatives to spur growth, at the end of its policy meeting later in the day also boosted investor sentiment.

The Shanghai Composite advanced 1%; the Hang Seng gained 0.71%; the Jakarta Composite rose 0.31%; the Nikkei 225 jumped 2.285; the Straits Times climbed 0.80%; the Seoul Composite rose 0.43% and the Taiwan Weighted settled 0.40% higher. Bucking the trend, the KLSE Composite declined 0.59%.

At the time of writing, the key European indices were mostly lower and the US stock futures were mixed.

Back home, foreign institutional investors were net buyers of equities aggregating Rs899.83 crore on Tuesday while domestic institutional investors were net sellers of shares amounting to Rs938.70 crore.

Suzlon Energy today said it has bagged an order from Orange Renewable Power for setting up a 50.4 MW wind power project in Rajasthan. The company would supply 24 units of wind turbine generators for the project in Jaisalmer, which is scheduled to be completed in financial year 2012-13.The stock gained 0.95% to close at Rs21.25 on the NSE.

Looking to expand its business and grow its financial metrics going forward, new-generation private sector banking major Yes Bank has said it is open to possible acquisitions in banking, broking and asset management businesses, even as its organic growth plans are sufficient to meet its near-term targets. The stock climbed 1.97% to close at Rs521.50 on the NSE.