Nifty trades in narrow range of 4960-4997; RIL, TCS gain

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs Nifty BSE | NSE 09/02/12 Are Mutual Funds betting on Nifty?

At 14:24 hours IST, the Nifty was volatile in trade with downward bias. It was trading in a narrow range of 4,960-4,997. Sell-off was seen in capital goods, realty, cement, auto, select metal and telecom stocks. Infosys, ONGC, ITC, Jaiprakash Associates and HDFC Bank were also the losers.

However, buying in Reliance Industries, Wipro, TCS, SAIL, ICICI Bank, NTPC, Tata Steel, SBI, Axis Bank, Cairn, Ranbaxy Labs and Idea Cellular limited the losses to some extent. European cues were positive; FTSE, CAC and DAX indices gained 0.3-0.8%.

The 30-share BSE Sensex was trading at 16,671, down 48 points and the Nifty was at 4,974, down 13 points. The Nifty December future was trading with 5.5 points discount.

The broader indices were marginally in the green due to positive market breadth. About 1,551 shares advanced while 1,387 shares declined on the BSE. Nearly 500 shares were unchanged.

MRF has announced its FY09 results. It has reported 75% growth in its consolidated net profit of Rs 250.8 crore as against Rs 143.4 crore in previous year. Consolidated net sales increased 12.32% to Rs 5,668.3 crore versus Rs 5,046.4 crore. It has recommended a final dividend of Rs 19/- per share on the paid-up capital as at September 30, 2009. The stock was down 2.6%.

A meeting of the Board of Directors of the Zee Entertainment Enterprises will be held on December 23, 2009, to consider a proposal for restructuring of the businesses of ETC Networks Ltd, a Subsidiary of the Company. ETC Networks was locked at 5% upper circuit. Zee Entertainment gained 4.5%.