Nifty slips to 6100; Sterlite, L&T, Tata Power down
MUMBAI : Benchmarks were witnessing a choppy session with negative bias due to lack of supportive cues from global peers. Capital goods and IT stocks were the top under-performers while pharma and realty stocks showed some strength.
“Start is likely to be subdued as Asian markets are flat to negative, with China pacing the decline. South Korea’s central bank has hiked its benchmark interest rate by 25 bps. Lately, there has been some speculation about China increasing rates as well.
Mounting concerns over the fiscal health of eurozone nations like Ireland and Portugal have also hurt sentiment. Global issues will remain at the forefront even as India grapples with high inflation, hardening rates, tight liquidity and slowing industrial output.
The last of the quarterly results have been announced. In the absence of any major domestic catalysts, the market may flounder unless global equities bounce back,” said IIFL report.
At 10:10 am; National Stock Exchange’s Nifty was at 6105.45, down 16.15 points or 0.26 per cent. The 50-share index touched a high of 6144.05 and low of 6088.75 in trade so far.
Bombay Stock Exchange’s Sensex was at 20254.75, down 54.94 points or 0.27 per cent. It touched a high of 20380.10 and low of 20209.65 in early trade
BSE Midcap Index was up 0.54 per cent and BSE Smallcap Index moved 0.37 per cent higher.
Amongst the sectoral indices, BSE Capital Goods Index moved 0.61 per cent lower and BSE IT Index slipped 0.53 per cent. BSE Healthcare Index was up 0.58 per cent and BSE Realty Index moved 0.50 per cent higher.
Sterlite Industries (-1.53%), L&T (-1.18%), Tata Power (-1.07%), Wipro (-1.07%) and Cipla (-0.99%) led the decline.
Bharti Airtel (3.02%), Ranbaxy Laboratories (1.95%), Reliance Communications (1.79%), DLF (1.32%) and Reliance Capital (1.23%) led the Nifty gainers pack.
Market breadth was positive on the NSE with 1756 advances against 1393 declines.
Most Asian markets were in the red on concerns of global economic recovery. Shanghai Composite was down 0.68 per cent, Kospi declined 0.63 per cent and Strait Times edged 0.05 per cent lower. Nikkei 225 was up 0.03 per cent.
The Economic Times