Monday, April 25, 2011

Nifty in tight range; Axis Bank, SBI, RIL most active

The benchmark Nifty was trading in tight range of 5875-5900 since the beginning of trade. On the one side, Reliance, DLF, Axis Bank, HDFC Bank, NTPC, Bharti Airtel and Hindalco were dragging the markets down, at 12:07 hours.

However, SBI, ONGC, Infosys, L&T, ITC, BHEL, Sterlite, HUL, HDFC, Tata Steel and ICICI Bank were supporting the benchmarks.

According to Devina Mehra of First Global, the market would be close to the fairly valued range. “We don’t see a very big move on either side right away,” she adds. She further says, 2011 is more likely to be a down than an up year.

The 30-share BSE Sensex was trading at 19,637, up 35 points and the 50-share NSE Nifty rose 2 points to 5,587.


SBI (could be merger news), Infosys, Sterlite Industries, L&T, ONGC, Grasim and Kotak Mahindra Bank were the top gainers, with rising 1-2%.

However, Reliance Industries slipped nearly 3% post disappointing fourth quarter earnings. Axis Bank too plunged over 4% on the back of margin pressure in fourth quarter while topline & bottomline numbers were good.

DLF, Jindal Steel, Hindalco, Jaiprakash Associates and Siemens were other top losers.

Infosys, Axis Bank, Jubilant Foodworks, SBI, Reliance Industries and ICICI Bank were the most active shares on exchanges.

In midcap space, Prestige Estate shot up 15%. Jubilant Foodworks, 3M India, Dish TV India and Shree Global gained 4-6% while Gammon Infra, MindTree, KEC International, JM Financial and Shree Cements slipped 2.5-5%.

In smallcap space, FAG Bearings, Kama Holdings, JVL Agro, Falcon Tyres and Thomas Cook were up 8-16%. However, Tuni Textile, Parrys Sugar, Centrum Finance, Dion Global and Money Matters declined 4-5%.

About 1415 shares advanced as against 1206 shares declined on Bombay Stock Exchange.


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