The Nifty was extremely volatile in trade at 12:05 hours and was trading in a tight range of 5360-5400 since early trade. Market breadth was too mixed; about 630 shares advanced as against 622 shares declined on the National Stock Exchange.
The short-term is very range bound. "The market is trying to make up its mind as to which way to go from a medium-term perspective. The series of events which have been unfolding in the last two weeks is
"The market is currently displaying a sort of confused move, choppy on either side without going anywhere. It just might continue like that for a while more," he added.
The 30-share BSE Sensex gained 76 points at 17,955 and the 50-share NSE Nifty went up 25 points to 5,397, supported by oil & gas, financial, capital goods and steel companies' shares.
Jindal Steel, M&M, HDFC, Tata Steel, Sterlite Industries, Sun Pharma, SAIL and Dr Reddy's Labs were top gainers, moving up 1-2%.
However, Ranbaxy Labs was the top loser with 4.6% loss as Mylan is seeking to block Lipitor generic in US. Lipitor was estimated to add USD 500-600 million to Ranbaxy's sales.
Infosys, TCS, HUL, NTPC, Reliance Communications, Cipla, Maruti, Hindalco, PNB and Reliance Capital were other losers in trade.
Crude prices have been on a rise since the past many months now and the unending unrest in the Middle-East is pushing it further up. Brent climbed 1.5% on Monday towards USD 116 per barrel after western forces launched a military campaign against Libya, stoking fears of intensifying violence in North Africa and the Middle-East.
The short-term is very range bound. "The market is trying to make up its mind as to which way to go from a medium-term perspective. The series of events which have been unfolding in the last two weeks is
- difficult to fully understand what the implications are and
- difficult to forecast how these events will take shape in terms of how much incremental damage could there be, either it is Japan or the Middle-East."
"The market is currently displaying a sort of confused move, choppy on either side without going anywhere. It just might continue like that for a while more," he added.
The 30-share BSE Sensex gained 76 points at 17,955 and the 50-share NSE Nifty went up 25 points to 5,397, supported by oil & gas, financial, capital goods and steel companies' shares.
Jindal Steel, M&M, HDFC, Tata Steel, Sterlite Industries, Sun Pharma, SAIL and Dr Reddy's Labs were top gainers, moving up 1-2%.
However, Ranbaxy Labs was the top loser with 4.6% loss as Mylan is seeking to block Lipitor generic in US. Lipitor was estimated to add USD 500-600 million to Ranbaxy's sales.
Infosys, TCS, HUL, NTPC, Reliance Communications, Cipla, Maruti, Hindalco, PNB and Reliance Capital were other losers in trade.
Crude prices have been on a rise since the past many months now and the unending unrest in the Middle-East is pushing it further up. Brent climbed 1.5% on Monday towards USD 116 per barrel after western forces launched a military campaign against Libya, stoking fears of intensifying violence in North Africa and the Middle-East.
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