Tuesday, June 23, 2009

Sensex Flat, Metal Stocks Gain

. Tuesday, June 23, 2009

By stockOzone team

The benchmark index was flat, with gains by metal and capital goods stocks offsetting losses by banking and IT stocks. Asian markets were mostly higher today after the sharp selloff yesterday.

The Sensex was trading at 14,356, up 32 points, while Nifty was higher 19 points at 4,266.

“The overall trend remains weak and we may see intermittent rallies,” said Pankay Pandey of ICICI Sec. He remains positive on IDFC and HPCL on near term.

RCom was higher 2.4 per cent to be the highest gainer among the Sensex stocks. ONGC was up over 2 per cent. Metal stocks Hindalco, Sterlite and Tata Steel were positive in early trade. Among the losers, ICICI Bank, Infy and HDFC Bank were down 0.9 per cent to 1.4 per cent.

Global sugar prices have touched the highest level in three years and the delayed monsoon raises concern on sugar output for next year. Renuka Sugars and Balrampur Chini were up over 2 per cent.

Among other benchmarks, the CNX midcap index was up 0.6 per cent while BSE smallcap index was up 0.8 per cent.

Asian markets were mostly higher today after the sharp selloff yesterday. US stocks ended little changed on Tuesday. Investors are looking at the outcome of a two-day Federal Reserve policy meeting, which began as scheduled Tuesday. The Fed is widely expected to keep its key interest rate near zero, but investors are unsure how optimistic the policymakers will be in the economic assessment that accompanies their rate decision, and whether the central bank will consider raising rates later this year to curb inflation.

Disclosure: Author does not own any of the stocks discussed here.

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