Market move in narrow band
Mumbai: After a weak opening, equities staged a marginal recovery on renewed value-based purchases by institutional investors on Tuesday. Another positive impact was created by a clarification by Morgan Stanley Capital International that it won't change the criteria used to compile its benchmark indices, widely used by international fund managers to make investment decisions, any time soon. Also, the reports that the India would receive a normal monsoon this year have come as a cushion for institutional investors and enhanced confidence in equities.

The 30-stock BSE Sensitive Index opened at 4,212.53, dropped to an intra-day low of 4,154.07. However, the Sensex recovered to close at 4,230.13, netting a moderate gain of 18 points. The National Stock Exchange (NSE) S&P CNX Nifty closed at 1308.55, up 9.30 points.

Analysts termed the Tuesday's narrow range movement as a consolidation phase before an upward move.
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