Indian equity benchmarks were hovering around their previous day's closing values at 14:31 hours and remained in a tight range since the beginning of trade today, despite strong global cues.
Investment Advisor, SP Tulsian feels that the market is likely to remain in a range around 5300-5500 till the expiry.
"I don't think that there is much weakness but there is neither any enthusiasm as well. We need to play on the cues coming in from the global market. In that scenario, whenever we see a fall of may be about 50 points on Nifty, the negative perception starts building up. However, I don't think that that kind of weakness really exists in the market. May be 5300 could see the renewed buying interest coming in or short-covering coming in and again whenever it moves to about 5500, we see the renewed selling or the shorts getting created. So, may be till expiry till [March 31] we are likely to see the move range bound move around 5300-5500.
Financial, steel and realty companies' shares were supporting the markets. Heavyweights Reliance Industries and ITC too were on buyers' radar along with Tata Motors, M&M and Sun Pharma.
However, selling continued in TCS, Wipro, Ranbaxy Labs, Hindalco, NTPC, HUL, Infosys, Maruti, Cipla, Hero Honda, Ambuja Cements and Reliance Power.
The 30-share BSE Sensex gained 53 points at 17,932 and the 50-share NSE Nifty rose 20 points to 5,393.
On the global front, European markets like France's CAC rallied 2%, Germany's DAX jumped 3% and Britain's FTSE went up 1%. US index futures surged more than 1%.
Pipavav, Acropetal Tech, Fineotex Chemical, Sudar Garments, Tata Coffee, Reliance Industries, SBI, Infosys and Hindalco were the most active shares on exchanges.
"I don't think that there is much weakness but there is neither any enthusiasm as well. We need to play on the cues coming in from the global market. In that scenario, whenever we see a fall of may be about 50 points on Nifty, the negative perception starts building up. However, I don't think that that kind of weakness really exists in the market. May be 5300 could see the renewed buying interest coming in or short-covering coming in and again whenever it moves to about 5500, we see the renewed selling or the shorts getting created. So, may be till expiry till [March 31] we are likely to see the move range bound move around 5300-5500.
Financial, steel and realty companies' shares were supporting the markets. Heavyweights Reliance Industries and ITC too were on buyers' radar along with Tata Motors, M&M and Sun Pharma.
However, selling continued in TCS, Wipro, Ranbaxy Labs, Hindalco, NTPC, HUL, Infosys, Maruti, Cipla, Hero Honda, Ambuja Cements and Reliance Power.
The 30-share BSE Sensex gained 53 points at 17,932 and the 50-share NSE Nifty rose 20 points to 5,393.
On the global front, European markets like France's CAC rallied 2%, Germany's DAX jumped 3% and Britain's FTSE went up 1%. US index futures surged more than 1%.
Pipavav, Acropetal Tech, Fineotex Chemical, Sudar Garments, Tata Coffee, Reliance Industries, SBI, Infosys and Hindalco were the most active shares on exchanges.
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