Benchmark indices continue to trade in a narrow range with positive bias led by buying among individual shares like Tata Motors, ITC and RIL.
Besides, the Asian Development Bank (ADB) slightly lowered its 2016 growth forecast for developing Asia on Tuesday, reflecting slower-than-expected expansion in India.
At 12:15 am, the S&P BSE Sensex was trading at 26,599, up 84 points, while the broader Nifty50 was ruling at 8,187, up 17 points. Among broader markets, BSE Midcap index is down 0.3% while the Smallcap index is trading flat.
Sacchitanand Uttekar, Equity Technical Analyst of Motilal Oswal Securities said, “Nifty commenced the week on a pessimistic note as it fell again below its 200 DSMA. Proximity towards gap area of 8,151 raises expectation of likely consolidation within the range of 8,150-8,280 for a while. Therefore a sustained breach outside the range could unfold directional momentum.”
In the overseas markets, Asian stocks were mixed ahead of the much-awaited US Federal Reserve's monetary policy statement due tomorrow. The Fed is expected to raise interest rates for only the second time in a decade amid recent data suggesting the US recovery is gaining traction.
In mainland China, the Shanghai Composite was currently down 0.34%. In Hong Kong, the Hang Seng was currently off 0.14%. Industrial production in China rose unexpectedly last month, official data showed today.
Back home, the Goods and Services Tax (GST) Council will look at a slew of options to iron out the differences between states and the Centre over administrative control over assessees.
Among key stocks, Tata Motors has rallied 7% to Rs 486 on the National Stock Exchange (NSE) after a more than 50 million shares of the company changed hands via block deals. The company also said it will hike the prices of its passenger vehicles from between Rs 5,000 and Rs 25,000 due to the impact of various macro-economic factors.
Among other shares, KNR Constructions was trading higher by 5% at Rs 169 on the BSE in an otherwise range-bound market after the stock turned ex-stock split on Tuesday from Rs 10 to Rs 2.
Sunteck Realty has surged 15% to Rs 240 on the BSE in intra-day trade after the company reported a consolidated net profit of Rs 96 crore for the quarter ended September 30, 2016 (Q2FY17), due to higher sales and other comprehensive income.
Vakrangee has dipped 9.5% to Rs 257 on the National Stock Exchange (NSE) in intra-day trade on back of heavy volumes.