Mumbai: It was a dull session for the markets as investors chose to remain cautious ahead of the upcoming F&O expiry and Q4 GDP data numbers on Thursday.
The Sensex shuts shop at 16438.58 up 21.74 points or 0.13 per cent and the Nifty closed at 4990.10 up 4.45 points or 0.09 per cent. The breadth of the market was positive. About 1425 shares advanced, 1255 shares declined, and 743 shares remain unchanged on the Bombay Stock Exchange.
IT and realty stocks hogged limelight of the day. FMCG and consumer durables stocks closed in red on profit booking.
Top gainers on the Nifty were HCL Tech, Cairn India, Wipro, Maruti Suzuki and Coal India. ACC, BPCL, ITC, IDFC and Siemens ended in red.
Q4 GDP Forecast
India's annual economic growth probably held steady in the January-March quarter at 6.1 per cent and the global economic slowdown, government policy paralysis and a record low currency suggest little chance of a pick up in the current quarter.
A poll of 31 economists produced a median forecast of 6.1 per cent, unchanged from the growth of the October-December quarter. Forecasts ranged from 5.5 per cent to 7.3 per cent.
Morgan Stanley downgrades RComm
Morgan Stanley has downgraded its view on India's telecom sector to "in-line" from "attractive", citing increased regulatory risks tied to the spectrum auction, and "relatively weaker" 3G outlook.
The brokerage has cut its rating on Reliance Communications to "underweight" from "equalweight", and slashed its target price to Rs 51 from Rs 109, citing a weaker balance sheet and saying the company faced the highest regulatory risk.
Europe in Green
The FTSEurofirst 300 index, which has fallen 5.6 per cent so far in May, opened 0.5 per cent higher at 988.79 points led by a solid gain in Germany's DAX index.
Euro at 2-year low
The euro hovered near a two-year low on Tuesday with investors worrying about Spain's banking problems, the outcome of the Greek elections and the health of the global economy. The euro stood at $1.2555, near last week's two-year low of $1.2495.
Black, Yellow Gold Shine
Brent oil rose to stay above $107 a barrel on Tuesday, backed by concerns over potential Middle East supply disruptions, although the modest gain reflects caution over a deepening euro zone debt crisis that is hurting the outlook for global fuel demand.
Gold edged up on Tuesday, aided by a slightly weaker dollar, but concerns about Spain's high borrowing costs and its struggling banking sector kept gains in check.
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