Nifty lackluster; Hero Honda, RCap, Axis Bank down
April, 29th 2011
Indian markets were witnessing a lackluster session as traders continued to remain on sidelines due to lack of cues from global peers. Traders were also cautious ahead of Reserve Bank of India meet. The central bank is likely to raise rates by 25bps.
"The opening is likely to be subdued. The Nifty is hovering around its 200-DMA support levels. Expect a range-bound day as investors should adopt a defensive strategy in view of the result season and the upcoming RBI meet next week.
Food inflation rose marginally to 8.76% for the week ended April 16. This has further raised expectations that RBI will raise rates by mostly a quarter percentage point on Tuesday," said IIFL report.
At 10:15 am; National Stock Exchange's Nifty was at 5775.40, down 10.05 points or 0.17 per cent. The broader index touched a high of 5804.30 and low of 5771.20 in trade so far.
Bombay Stock Exchange's Sensex was at 19260.09, down 31.93 points or 0.17 per cent. The 30-share index hit a high of 19356.50 and low of 19237.72 in early trade.
BSE Midcap Index was up 0.15 per cent and BSE Smallcap Index moved 0.07 per cent lower.
Amongst the sectoral indices, BSE Capital Goods Index was down 1.54 per cent, BSE Bankex declined 0.70 per cent and BSE Auto Index was down 0.26 per cent. BSE Healthcare Index was up 1.06 per cent and BSE FMCG Index moved 0.96 per cent higher.
Hero Honda (-1.82%), Reliance Capital (-1.69%), Axis Bank (-1.63%), HDFC Bank (-1.61%) and L&T (-1.59%) were the top Nifty losers.
Ambuja Cement (3.05%), Sun Pharma (2.59%), Hindustan Unilever (1.93%), Ranbaxy Laboratories (1.71%) and Reliance Power (1.20%) were the major gainers.
Market breadth was positive on the NSE with 1224 gainers against 931 losers.