Sensex, Nifty trade tepid ahead of Fed meet; Tata Steel, Oberoi Realty, NMDC stocks gain

The stock market of India trades sideways as the share market investors are awaiting Federal Reserve's meet today. The BSE Sensex rose 66 points and sustained above the psychological 39,000 levels after closing at 39,112 while the 50-stock Nifty slipped into the red zone by a whisker after closing at 11,691. The index Bank Nifty rises 11 points and closed at 30,362 levels. Trent, Tata Steel, DCM Shriram and Symphony were among the top gaining stocks while Jain Irrigation, Jet Airways, HDIL, Reliance Capital and Avind stocks were among the top losing stocks in the intraday trade.

Giving outlook about the market Simi Bhaumik,  a SEBI registered technical equity analyst told Zee Business Online, "The market is range bound but it has broadened its range. Now, the range of trade is 11,650 to 11,900 but the market is overall bullish and I would maintain that an investor should continue buying on dips strategy in the current market trends."

Realty stocks led the bull run on Dalal Street today as the BSE Realty index jump 1.39 per cent in the intraday trade. Realty major Oberoi Realty share price soar 2.86 per cent, shares of Phoenix Mills scaled 2.7 per cent, DLF counter added 1.93 per cent while Godrej Properties added 1.63 per cent. However, shares of Housing Development & Infrastructure crashed over 15 per cent Indiabulls Real Estate share price went down 1.74 per cent and Sunteck Realty stocks went down over 1 per cent.

Metal stocks also witnessed some fresh buying in the intraday trade. Metal major Tata Steel stocks skyrocketed 4.6 per cent, shares of NMDC went up 2.8 per cent while Hindustan Zinc, Steel Authority of India (SAIL) and Vedanta stocks ened in green zone. But stocks like Jindal Steel & Power crasehd over 3.5 per cent, JSW Steel shares went down over half per cent and NALCO counter went down around 0.63 per cent.

Among Asian markets, the Japanese Nikkei 225 index shot up 1,8 per cent, South Korean Kospi jump 1.24 per cent, Hang Seng skyrocketed 2.56 per cent while the Shanghai share market added 0.96 per cent.