The BSE Sensex edged up 0.3 per cent in the last hour of trade on Thursday. Markets have been rangebound, but the Sensex and Nifty look set for a fourth straight day of gains.
As of 2.50 p.m., the Sensex traded 61 point higher at 21,398, while the Nifty advanced 12 points to 6,351.
Gaurang Shah of Geojit BNP Paribas Financial Services told NDTV that markets may rise to 6,400, but selling pressure is expected at higher levels.
Technical analyst Saumil Trivedi said the rise in markets has not been supported by volumes.
"Momentum indicators have been posting negative divergence, which does not augur well for a blast out," he added.
Banking stocks, which are under pressure on caution ahead of RBI's policy review on Tuesday, saw buying interest in the last hour of trade. Other rate sensitives - realty and auto- also gained.
Previous expectations for the RBI to hold rates have been thrown into doubt after the central bank recommended making taming high consumer inflation a priority.
ICICI Bank traded off the day's low.
Among automakers Mahindra and Mahindra was down around 3 per cent, while Bajaj Auto pared losses and traded 0.7 per cent lower.
However, Larsen & Toubro traded 3 per cent higher after the company's Q3 margins at 11.6 per cent beat some analysts' estimates. (Read the full story here)
Corporate earnings continue to be in focus. M&M Financial shares fell as much as 8.5 per cent after Q3 profits fell on higher provisioning. KPIT Technologies shares plunged 13 per cent on Q3 earnings. (Read the full story here)
However, Cairn India shares gained 1 per cent ahead of its December-quarter results later in the day.
As of 2.50 p.m., the Sensex traded 61 point higher at 21,398, while the Nifty advanced 12 points to 6,351.
Gaurang Shah of Geojit BNP Paribas Financial Services told NDTV that markets may rise to 6,400, but selling pressure is expected at higher levels.
Technical analyst Saumil Trivedi said the rise in markets has not been supported by volumes.
"Momentum indicators have been posting negative divergence, which does not augur well for a blast out," he added.
Banking stocks, which are under pressure on caution ahead of RBI's policy review on Tuesday, saw buying interest in the last hour of trade. Other rate sensitives - realty and auto- also gained.
Previous expectations for the RBI to hold rates have been thrown into doubt after the central bank recommended making taming high consumer inflation a priority.
ICICI Bank traded off the day's low.
Among automakers Mahindra and Mahindra was down around 3 per cent, while Bajaj Auto pared losses and traded 0.7 per cent lower.
However, Larsen & Toubro traded 3 per cent higher after the company's Q3 margins at 11.6 per cent beat some analysts' estimates. (Read the full story here)
Corporate earnings continue to be in focus. M&M Financial shares fell as much as 8.5 per cent after Q3 profits fell on higher provisioning. KPIT Technologies shares plunged 13 per cent on Q3 earnings. (Read the full story here)
However, Cairn India shares gained 1 per cent ahead of its December-quarter results later in the day.
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