Nifty in red; Kalindee falls 3% ahead of Rail Budget

Moneycontrol Bureau

Barely few hours to go for the big announcement on Railways and key railway stocks remain laggard in a listless market. BSE Sensex and NSE Nifty continue to languish at 19202.94 (down 128 points) and 5814 (down 40 points), respectively.

Kalindee Rail has fallen over 3 percent and Texmaco Rail was struggling at Rs 60, down 2.6 percent.

Ranbaxy was trading marginally down ahead of its results. Analysts expect revenue degrowth of 30% YoY to 2667cr due to a high base effect. The stock was the biggest gainer yesterday after the company reintroduced production of Lipitor generic; CLSA upgraded it to outperform with a target price of Rs 475.

Pantaloon continues to trade flat after reporting weak set of numbers in the December quarter. JP Morgan has put a target price of Rs 215 and remains underweight on the stock.

Telecom stocks look stable and Bharti Airtel trades with over 4 percent gains after it decided not to participate in the spectrum auction. The stock was up 4.5 percent. Idea Cellular and Reliance Comm  too were trading in the green.