Nifty in narrow range; broader mkts outperform

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The Nifty was moving in a narrow range of 5260-5280 levels since early trade, due to lack of global and domestic cues. The NSE benchmark rose 5 points to 5,275.15 and the BSE benchmark moved up just 11 points to 17,443.05. But the broader markets outpaced the benchmarks. The BSE Midcap and Smallcap indices were up 0.9%.

Shares of Sun Pharma, Coal India, M&M, Bharti Airtel, HUL, IDFC, Power Grid Corp, BHEL and Grasim were top gainers among largecaps, rising 1.5-3%.

Infosys, TCS, HDFC, HDFC Bank and Hero Motocorp rose 0.4-0.7%.

However, Hindalco, Sterlite Industries, Tata Steel, Jindal Steel, L&T and Reliance Communications were biggest losers, falling 1-3%.

Index heavyweights Reliance Industries, ICICI Bank and SBI dropped 0.8-1%.

In the second line shares, Prestige Estate, Eros International, Alok Industries, Marico and Jubilant Foodworks rallied 6-10% while Fresenius Kabi, Ipca Labs, Strides Arcolab, Ashok Leyland and Chennai Petro lost 2-4%.

The market breadth remained positive; advancing shares outumbered declining by 1431 to 1070 on the BSE.

At 11 hours IST : Nifty consolidates; Reliance, SBI, L&T decline

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.