The Nifty was trading in a narrow range of 4744-4780 as there has been two way move since the beginning of trade today. But shares of public sector undertakings shot up ahead of a Cabinet meeting to discuss the government's divestment policy. TheSensex was down 46.5 points at 15,892.87 and the Nifty fell 15 points to 4,750.50.
Among frontrunners, HCL Tech topped the buying list - gaining 4.4%. SAIL, BHEL, ICICI Bank, Sesa Goa, Tata Motors, Hindalco and Sterlite Industries moved up 1-2.5%.
However, Bajaj Auto was the biggest loser today, falling 4.8%. Hero Motocorp, M&M, HUL, Bharti Airtel, ACC and Ambuja Cements were down 2-3%.
The Cabinet Committee on Economic Affairs (CCEA) is going to approve PSU buybacks today, reports CNBC-TV18. Cabinet note has proposed a new divestment policy, which will allow PSU buybacks and crossholdings. Shares of almost all public sector undertakings were on buyers' radar and were also in the most active list, which includes MMTC, Hindustan Copper, STC India, HMT, RCF etc.
Most active shares on exchanges were SBI, Axis Bank, JSW Steel, ICICI Bank and Tata Motors.
In the midcap space, Network 18, HMT, Rashtriya Chemical, TV18 Broadcast and National Fertiliser gained 10.5-13.5% while Dewan Housing, Redington, S Mobility, VIP Industries and Bajaj Holdings were down 3-4%.
Smallcaps like STC India, Dredging Corporation, NESCO, Kiri Industries and Splash Media rallied 10-15%. However, TV Today Network, Lloyds Metals, Dolphin Offshore, Asian Star and PFL Infotech dropped 5-7%.
Nearly two shares gained for every share falling on the BSE.
At 10:34 hours IST : Nifty volatile; L&T, BHEL, Tata Motors on buyers' radar
The market was moving around its previous closing value as it looks like a consolidation after Tuesday's sharp rally. Index heavyweights ICICI Bank, BHEL, L&T and ONGC were quite supportive while Bharti Airtel was under selling pressure. The Sensex was up 49 points at 15,987.94 and the Nifty went up 12 points to 4,777.30.
Vineet Bhatnagar, managing director at MF Global feels that the market is likely to stay in the range of 4,500 to 4,900 levels in January series.
"Given the way market traded yesterday, the top could be somewhere in the region of 4,850 at best and 4,500 for the moment is a very strong support," he reiterated.
Shares of country's largest private sector lender ICICI Bank rallied for the second consecutive session, rising over 2.6%. However, SBI, HDFC Bank and HDFC were moderately lower.
Capital goods majors L&T and BHEL too gained 1.5% and 3%, respectively. Index heavyweights - ONGC was up over 1% and Reliance Industries was up 0.44%.
Among metal stocks, Sterlite Industries rallied 2% and Hindalco was up 1%; Tata Steel gained 0.44%.
Shares of India's largest commercial vehicle maker Tata Motors jumped 2% after CLSA upgraded the stock to outperform from underperform. Research firm raised the stock's target price to Rs 215 from Rs 160.
However, Shares of telecom major Bharti Airtel tumbled 1.8%. FMCG major HUL fell 1% after CLSA downgraded the stock to sell from underperform.
Technology stocks like Infosys and TCS were marginally lower while Wipro rose 1%.
Shares of two-wheeler companies Bajaj Auto and Hero Motocorp declined 1.5-2% after December sales numbers. M&M lost over 2%.
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