The Nifty was trading in a narrow band of 5800-5820 in the afternoon trade. Bank Nifty was star performer of the day with close to 2 percent gains. It has rallied close to 11 percent in this series. Rupee depreciated today and was trading above 54 mark. Brent Crude was trading below 100 dollars per barrel while Gold was up 0.7 percent.

The Sensex was up 74 points at 19090, and the Nifty was up 32.45 points at 5815. The breadth of the share market was also positive. About 1077 shares advanced, 867 shares declined, and 1617 shares remained unchanged. Coal India, HDFC Bank, IndusInd Bank, BPCL and Power Grid were top gainers on the Nifty. DLF, IDFC, Mahindra and Mahindra, HCL Tech and Infosys were top losers.

HDFC Bank was trading firm ahead of quarterly results tomorrow. HDFC Bank is up 2.6 percent, ICICI Bank is up 1.8 percent. Tata Motors surged 1.3 percent after unit Jaguar Land Rover China chief said it aims to increase its sales by 20-30 percent this year in China, its biggest market.

Shares in Wipro, India’s third-largest software services provider, fall 10 percent in trade after it gave weaker-than-expected quarterly sales forecast on Friday.

Nomura is of the view that if the recent downtrend in prices of gold and oil sustain, India’s current account deficit for 2013 would reduce by one percentage point. Meanwhile, Morgan Stanley has said there were early signs of a reversal in the stagflation (high inflation- declining growth) environment with the government’s steps to correct the bad growth mix of high fiscal deficit and low investment.