Nifty consolidates; Reliance, SBI, L&T decline

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The market continued to hover around its previous closing value while the broader markets outperformed benchmarks. The Sensex fell 4 points to 17,427.47 and the Nifty declined just 1.7 points to 5,268.20.

Shares of country's largest telecom player Bharti Airtel rose 2.3% on hopes that it may get more spectrum after 2G verdict.

Among others, HUL and Sun Pharma too were up 2% each. Technology majors TCS and Infosys gained 0.6%.

Coal India, Cipla, Bajaj Auto, NTPC, BHEL, GAIL and Tata Power climbed 1-1.7%.

However, Reliance Industries, L&T, SBI and Tata Motors were down 1.2-1.5%. ICICI Bank too was down 0.6%.

Shares of Tata Steel, Sterlite Industries and Hindalco dropped nearly 3%.

The broader markets outperformed benchmarks, rising 0.65%. The market breadth too was positive; about 1324 shares advanced while 982 shares declined on the BSE.

Sudarshan Sukhani of s2analytics.com feels that the market is likely to be choppy as it has moved up a lot.

At 9:19 hours IST : Sensex flat; Bharti strengthens on 2G ruling, DRL up

The Sensex opened flat on the last day of the week after rallying for consecutive three sessions. Globally, Asian markets are trading mixed and the US is showing firm trends ahead of its employment report.

The Sensex was up 29 points at 17,460.44 and the Nifty rose 4 points to 5,273.95.

Frontliners like Ranbaxy Labs, Cipla, Coal India, Ambuja Cements, ACC, HUL, BHEL, L&T, Reliance Infrastructure, Sesa Goa and Jindal Steel were on buyers' radar.

Dr Reddy's Labs gained 2% ahead of Q3 numbers today.

However, IDFC, Tata Steel, SBI and Sterlite Industries were down 1-2%. PNB, Kotak Mahindra Bank too were down.

In the second line shares, telecom stocks continued to slip further after Supreme Court's verdict on 2G Case. Unitech was down 2%. Reliance Communications and Tata Teleservices fell 1.5% each. However, Bharti Airtel shot up another 3.8% on hopes that it may get more spectrum.

The CNX Midcap Index was down 15 points to 7,240. The market breadth was neutral.

In the second line shares, STC dropped 3.5%. Gokul Refoils, Sintex, GVK Power, Crompton and IDBI Bank were down 1.5-2%.

However, Syndicate Bank was up 3% as it will consider share issue on preferential basis to government on February 11.

Neyveli Lignite rose 2% as it plans to pay a dividend of Rs 439.51 crore to the coal ministry for 2011.

Orchid Chemical, NHPC, JSW Ispat, Manappuram Finance and Pantaloon Retail were up 1-3%.

JK Lakshmi Cement shot up 9% as its board will meet on February 7 to consider and approve buy back.