Volatile Nifty trades below 5350; Tata Motors down 2%

The 50-share NSE Nifty started off Tuesday trade at sub 5350 level amid consolidation as global markets too were in a consolidation mode ahead of Jackson Hole meet. 

The BSE benchmark was down 2.33 points to 17,676.48 and the NSE benchmark declined 3 points to 5,347.20.

L&T, BHEL, JP Associates, Reliance Infrastructure, DLF, PNB, Bank of Baroda, Axis Bank, HDFC Bank, Kotak Mahindra Bank, Tata Motors and Bharti Airtel were under pressure in early trade.

Tata Power rallied 3%. TCS, Cipla, Sun Pharma, Ambuja Cements, ITC, Infosys and ICICI Bank were quite supportive.

The CNX Midcap Index was flat as the market breadth was neutral.

In the second line shares, Alstom rallied 2% as the company has received Rs 2,800 crore worth of contract from Power Grid.

Federal Bank fell 3%. CNBC-TV18 reported that HSBC Bank Mauritius may be selling 8.5 million shares of the bank via block deal, which may be worth approximately USD 65 million. The price range may be around Rs 393.35-405.75/share.

The Bombay Stock Exchange will shift 74 stocks to trade-to-trade segment with effective from August 31st. Among them are: Wockhardt fell 4% and SKS Microfinance tanked 11%. Heidelberg Cement slipped 3%.

MTNL, Delta Corp, Shree Renuka, UCO Bank, IVRCL, Suzlon and Adani Enterprises were down 1-2%.

Deccan Chronicle surged 4.5%. S Kumars Nationwide was up 3% and Dishman Pharma went up 2%. Jain Irrigation rose 1.6%.

HDIL and Apollo Tyres were up 0.5% each.

HCL Infosystems shot up 6% on reports that promoters may be offloading shares.