Nifty ends choppy session higher; HUL plunges 4.5%
Published on Thu, Mar 11, 2010 at 15:42 | Source : Moneycontrol.com
Updated at Thu, Mar 11, 2010 at 17:27
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Nifty ends choppy session higher; HUL plunges 4.5%
The benchmark Nifty spiked up in the last few minutes of trade by 30 points while the Sensex over 100 points on the back of further buying in heavyweights Reliance Industries, TCS, Bharti, Wipro, NTPC, Infosys, ITC along with banking and pharma stocks. However, the indices came off their highs after adjustment.
The benchmark Nifty spiked up over 30 points in the last few minutes of trade while the Sensex over 100 points on the back of further buying in heavyweights like Reliance Industries, TCS, Bharti, Wipro, NTPC, Infosys, ITC along with banking and pharma stocks. However, the indices came off a bit from their highs after adjustment. They continued consolidation in today's trade as well, which might be due to lack of global cues.
Satish Betadpur, MD of IIR Group said, "Overall the market move is not going to be robust one way or another for a while. Although in the mid-term, inflation fears may crop up whenever inflation numbers come out, I think it will be quite scary and so there maybe reactions to that. Barring that we just have to wait for earnings before we see any major market moves."
The sell-off in capital goods, auto, realty, cement, select telecom, metal and power stocks along with HUL and BPCL capped the gains to major extent.
The 30-share BSE Sensex closed at 17167.96, up 69.63 points or 0.41% and the 50-share NSE Nifty rose 0.34% or 17.15 points to 5133.40. The Nifty March future ended with 26 points premium, as per provisional data.
HUL was the biggest loser today, down over 4.5%, as its nearest competitor Proctor & Gamble has decided to make their product Tide Naturals cheaper by about 20%, reports CNBC-TV18 quoting sources.
