Today Live Intraday Trading Tips Updates

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Intraday Benchmark indices were firm in noon trade with the Sensex up 102 points at 26257 and the Nifty up 14 points at 7964. Both indices are off their highs for the day. The Nifty had crossed the psychological 8000-mark earlier in the session but could only as far as 8008. Brokers said bull traders were wary of buying aggressively at higher levels because of sustained selling by foreign institutional investors.

Much of the rally over the last couple of sessions has fuelled by short covering of positions, and is unlikely to sustain if FIIs continue to offload shares. FIIs net sold USD 2.6 billion of stocks during the September quarter; the highest since the December quarter of 2008 when they sold USD 3.3 billion of shares. Pharma, FMCG, power and capital goods shares were firm, while auto, realty and metal shares were struggling.

In second line sectors, fertilizer shares rallied as the reduction in gas prices will improve cash flows and slightly add to the bottom lines. Sun Pharma, Lupin, Wipro and TCS led gainers in the Sensex, up around 2 percent each. Sentiment for the IT sector in general was not dampened by HCL Tech’s profit warning. HCL shares, however continued to be under pressure and were down 11 percent.