Stock Market: Sensex, Nifty pare early morning gains; SAIL, Eicher Motors shares gain

Stock Market: On account of profit-booking triggered in the energy, power and IT stocks ahead of weekly expiry falling on Thursday, the Indian indices pared its early morning gains. The BSE Sensex shed 24 points and closed at 37,663 mark while the NSE Nifty ticked 6 points up at 11,101 levels. Bank Nifty escalated 19 points to 21,509 mark.

Speaking on the current market scenario Simi Bhaumik, a SEBI registered technical equity analyst said, "The NSE Nifty has made a broader base of up to 10,850 to 10,950 while it has upper range of 11,250 to 11,300. I don't see Nifty breaking this range by the end of this week. Bank Nifty also won't be able to break 20,900 to 22,00 range."

Deepak Jasani, Head Retail Research at HDFC Securities said, "The NSE Nifty has again shown hesitation in showing follow through gains although stock specific moves abound based on micro developments and corporate results."

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Metal stocks led the bull run on Dalal Street as the BSE Metal index shot up to the tune of 4.27 per cent. Metal major Steel Authority of India Ltd or SAIL share price surged 6.22 per cent, Hindalco Industries shares skyrocketed near 9 per cent, shares of Tata Steel went northward around 6.77 per cent, National Aluminium Company Ltd or NALCO stock price soared 5.32 per cent while Hindustan Zinc scaled up 5.89 per cent.

In auto segment, Eicher Motors share price surged 4.76 per cent, Tata Motors shot up 3.73 per cent, shares of TVS Motor Company went northward 2.94 per cent, Mahindra & Mahindra stocki price rose 2.73 per cent, Maruti Suzuki India stocks went up 2.56 per cent, Cummins India counter escalated 2.29 per cent while Bajaj Auto scrip added 1.51 per cent.

Amomg the major Asian indices, the Japanese Nikkei 225 index shed 0.26 per cent, Kospi surged 1.40 per cent, Hong Kong's Hang Seng soard 0.62 per cent while the Shanghai index went up 0.22 per cent.

At Wall Street on Tuesday, Dow Jones index shot up 0.62 per cent, Nasdaq rose 0.35 per cent, S&P 500 went up 0.36 per cent while SmallCap 2000 soared 0.64 per cent.