Nifty in narrow range; broader markets outperform

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The Nifty was moving in a tight range of 5,345-5,365. All markets across the globe are waiting for the outcome of an emergency meet of eurozone finance ministers over Greek debt deal.

Back home, the Sensex fell just 37 points to 17,670 and the Nifty declined 8 points to 5360.

Index heavyweights and oil & gas majors Reliance Industries and ONGC were down 0.5% and 2.2%, respectively.

Shares of largest aluminium producer Hindalco Industries fell over 5% due to disappointing results from its subsidiary Novelis, which reported a loss of USD 12 million in Q3. Company is also going to declare its Q3 results today.

Among the others, L&T, ITC, TCS, Wipro and Bharti Airtel were down 0.5-1%.

Among the banks and financials stocks, SBI and HDFC were marginally lower while HDFC Bank rose 1.6%.

However, Tata Motors, Bajaj Auto, NTPC and Hero Motocorp gained nearly 2%. HUL, BHEL, DLF, Jindal Steel, Tata Power and Cipla were up 0.5-1%.

The broader markets outperformed the benchmarks - the BSE Midcap and Smallcap indices rose 0.8% each.

Advancing shares outnumbered declining shares on the BSE.

At 10:27 hours IST:  Volatile Nifty trades lower; tech, oil & gas stocks down

The volatile market was trading moderately lower with index heavyweights Infosys and Reliance Industries feeling most of the selling pressure. Other biggies like L&T, ONGC, Bharti, TCS and SBI too were down. Hindalco retained its top position in the sell list of investors by falling more than 6% ahead of Q3 results. The Sensex was down 83 points to 17,624.23 and the Nifty fell 26 points to 5,342.40.

The market has been in a consolidation mode since the beginning of week. Ambareesh Baliga, COO, Way2Wealth says, one needs to wait and see whether Nifty consolidates in the 5,300-5,400 region or see a correction to about 5,200-5,250.

Technology majors TCS, Infosys and Wipro were down 0.7-1.3%. Index heavyweights Reliance, ONGC, Bharti and L&T fell 0.7-1.5%.

Shares of country's largest lenders SBI and ICICI Bank dropped just 0.4%.

Tata Steel too was under pressure, falling nearly a percent ahead of third quarter numbers.

However, HDFC Bank, Jindal Steel, Bajaj Auto, NTPC, BHEL, HUL and Cipla gained 0.5-1.4%.

The market breadth was positive; about 1266 shares advanced while 782 shares declined on the BSE.