India Budget 2013: Nifty flat post expiry, midcaps steady; Tech Mah up 2.32%
Post the steep correction on Thursday, which coincided with expiry, benchmark indices opened flat led by technology and infrastructure stocks.
With no specific sweeteners for equity markets - despite high expectations - finance minister P Chidambarm's Budget failed to galvanize investors a day after. Post the steep correction on Thursday, which coincided with expiry, benchmark indices opened flat led by technology and infrastructure stocks. Stocks that have opened stable include HUL, Bharti, ITC, L&T and ICICI Bank. Oil and gas as well as auto stocks, however, threw a spanner on the recovery mode of the market.
At 09.32 AM, the Sensex was up 6.57 points at 18868.11, and the Nifty moved up 3.55 points at 5696.60. Power Grid was the top gainer with 2.78 percent gains, followed by Jindal Steel. In the IT space, Wipro rose 1.40 percent, Infosys was up close to 1 percent, Tech Mahindra jumped 2.32 percent and Mahindra Satyam rose 1.7 percent. TCS, Howver, was down 1.04 percent. Mphasis was disowned after it reported lower-than-expected quarterly numbers.
The midcap index opened in the green and beaten down stocks like GMR, Lanco, Core Eductaion etc made U-turn from their previous levels.
Whilst GAAR has been postponed by two years, the necessity of a Tax Residency Certificate (TRC) to avail the DTAA benefits also spooked investors. Top losers on the index at the moment are Lupin, DLF, ONGC, Cairn , Sun Pharma, Ranabxy Hindalco and NTPC.
Global markets were trading mixed. Dow, though stood within the striking distance of its all time high level of 14164.5, dropped its pace to close below the high point of the day. Investors lost interest towards the end of the day on dissapointing GDP numbers.