Mumbai, Jan 13: Markets ended the choppy session on a flat note Tuesday due to lack of conviction even after positive results by Infosys Technologies.Broader markets were the worst hit as traders booked profits at higher levels.
Bombay Stock Exchange"s Sensex closed at 9101.04, down 9.01 points or 0.10 per cent. The index breached 9000 mark to touch a low of 8992.92 and high of 9261 in intra-day trade.
National Stock Exchange"s Nifty ended at 2759.05, down 0.51 per cent or 14.05 points. The broader index touched an intra-day low of 2720.80 and high of 2802.60.
BSE Midcap Index was down 1.26 per cent and BSE Smallcap Index fell 1.41 per cent.
Wipro (7.32 per cent), Infosys Technologies (6.36 per cent), Ranbaxy Laboratories (5.82 per cent), Tata Power (3.93 per cent) and ACC (3.81per cent) were the major Sensex gainers.
Sensex volatile; Tier II stocks almost flat
Benchmarks were choppy on Tuesday with a positive bias getting support from IT majors like Infosys Technologies and Wipro. Tier II stocks were almost flat due to lack of participation from traders front.At 12:40 pm, Bombay Stock Exchange"s Sensex was at 9156.52, up 46.47 points or 0.51 per cent. The index touched a high of 9261 and low of 9035.11 in trade so far.
National Stock Exchange"s Nifty was at 2777.75, up 4.65 points or 0.17 per cent. It touched an intra-day high of 2802.60 and a low of 2741.40. BSE Midcap Index was up 0.20 per cent and BSE Smallcap Index moved 0.22 per cent higher.
Infosys Technologies (5.65 per cent), Wipro (4.53 per cent), Ranbaxy Laboratories (4.37 per cent), Tata Power (4.14 per cent) and ITC (3.73 per cent) were the major Sensex gainers.
Shares of Infosys Technologies surged after the company report better than expected numbers for quarter ended December. It reported 14.5 per cent jump in net profit at Rs 1641 crore against Rs 1432 crore (QoQ). Income stood at Rs 5786 crore vs Rs 5418 crore (QoQ). The EPS is Rs 28.63 per share.
Bharti Airtel (-3.19 per cent), Tata Motors (-3.03 per cent), ICICI Bank (-2.91 per cent), Grasim Industries (-2.31 per cent) and Tata Steel (-1.90 per cent) were the Sensex losers.
Sensex pares gains; Tata Motors, Bharti down
Traders booked profits in benchmarks pulling down the benchmarks in the negative terrain. Banks and powers stocks declined while IT and realty stocks were up.
“At present the strategy should be to reduce trading long positions (if any) at each major resistance levels or look for shorting opportunity with minimal stop losses at major levels. As the short term trend is highly oversold, we may expect minor bounce back in the market. The bounce back may lift the market to the levels 2840/9350. Traders may use these levels as an opportunity to sell short however, selling on bearish formations on intraday charts may be a prudent way trade. On the lower side the market has next major support between 2660/2675 (8750/8775)," said Kotak Securities report.
At 11:40 am, Bombay Stock Exchange"s Sensex was at 9122.30, up 12.25 points or 0.13 per cent. The index touched a high of 9261 and low of 9035.11 in trade so far.
National Stock Exchange"s Nifty was at 2761.25, down 11.85 points or 0.69 per cent. It touched an intra-day high of 2802.60 and a low of 2741.40.
Equities open lower; Wipro worst hit
Equities opened on a lower note Wednesday dragged down by losses in technology stocks. Wipro and HCL Technologies were the worst hit. Bombay Stock Exchange"s 30-share Sensex fell 74.94 points to 9035.11. National Stock Exchange"s benchmark Nifty slipped 26.30 points to 2746.80 from Monday"s close.
IT bellwether Infosys Technologies on Tuesday declared a healthy performance in the October-December quarter, reporting 14.5 per cent rise in net profit to Rs 1641 crore as against Rs 1432 crore in the previous quarter. Income stood at Rs 5786 crore vs Rs 5418 crore (QoQ).
Asian stocks declined, led by commodity producers and automakers, as metal and oil prices retreated and the strengthening yen dimmed the profit outlook for Japanese exporters. The Nikkei was down 4 per cent, Topix fell 4.37 per cent while Hang Seng rose 0.06 per cent and Straits Times climbed 1.29 per cent.
OneIndia News (With inputs from Agencies)