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Jul 13, 2012, 01.19 PM IST
The 50-share NSE Nifty remained in a tight range of 5240-5260 since early trade as it was consolidating after a sharp fall in yesterday's trade. European markets opened higher; France's CAC, Germany's DAX and Britain's FTSE went up over 0.4%.
Infosys, India's No. 2 software services exporter continued to fall after disappointing first quarter numbers. The stock was down 0.67% after falling more than 8% in yesterday's trade. However, its rival TCS recouped losses, rising 1.7% today after better than expected numbers in June quarter.
Top lender State Bank of India declined just 0.17% whereas its rival ICICI Bank gained 0.5%. HDFC Bank rallied 1.4% ahead of quarterly earnings today.
FMCG majors ITC and HUL were marginally lower in afternoon trade. Among metals and mining stocks, Sterlite Industries, Tata Steel, Hindalco Industries and Coal India dropped with marginal losses while JSPL lost 1.5%.
Top car maker Maruti Suzuki declined 0.9% whereas utility vehicle manufacturer M&M and two-wheeler major Hero Motocorp were up around 1%.
Engineering and construction major by sales Larsen & Toubro and index heavyweight Reliance Industries were flat.
State-owned oil & gas producer ONGC rose 1% and housing finance company HDFC gained 0.6%.
Most active shares on exchanges were SBI, Infosys, TCS, United Spirits and Tata Motors.
Indian equity benchmarks continued to trade higher with around 0.5% gains each led by buying interest in banks, oil & gas, capital goods and telecom stocks. TCS remained higher by more than 2% after its net profit rose higher than expected by 12% QoQ to Rs 3,280.5 crore in the quarter ended June 2012.
The BSE Sensex and NSE Nifty bounced back with more than 0.5% gains in early trade on Friday, after yesterday's sharp fall due to Infosys' Q1 results. Asian markets were sideways, even after a fall in US and European markets.
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