The major Indian equity benchmarks started stable and soon went down. But some buying at lower levels helped the market to stabilize and benchmarks are trading at similar levels as that of opening. Hopes of a 50 basis point cut have receded somewhat after RBI Governor D Subba Rao said that inflation was still high and controlling it would be the central bank’s priority. This resulted in to a cautiousness of traders. This led the sensex to trade near the level of 19833.62 i.e., up by 15.99 points & the Nifty is trading near the level of 6011.95 i.e., up by nearly 10.10 points. The midcap index is trading marginally in negative and the small cap index is trading positive with gains of nearly quarter of a percentage point. On the sectoral front the indices are trading mixed. IT index is the biggest gainer with the gains of nearly one and a half percentage point, followed by Teck Index , which is trading with the gain of nearly one percentage point. On the other hand Metal index is the biggest looser with the loss of more than three forth of a percentage point. Further, the market breadth Is neutrally placed , as one stock is seen advancing for each declining stock.
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