The markets have begun the week exactly how last week was -- trading in a narrow range. The Nifty closed eight points lower with the Sensex down one point. IT stocks outperformed today, with the Big Four tech companies all putting on between 1% and 2% each.
The markets have begun the week exactly how last week was -- trading in a narrow range. The Nifty closed eight points lower with the Sensex down one point. IT stocks outperformed today, with the Big Four tech companies all putting on between 1% and 2% each.
Hindustan Lever traded strong as well, recovering from last week's weakness. Infrastructure stocks were the main draggers in trade, with ABB, Suzlon, and Reliance Infrastructure all losing over 2% each.
Continuing the trend of last week, the broader markets underperformed the frontline indices. The Midcap index ended 0.4% down, The Smallcap index is down nearly 1%. As a result, the market breadth ended at 1:3 in favour of declines. Volumes were low as well, with only Rs 76,000 crore clocked as the turnover in today's trade.
Frontline IT led by Wipro, TCS, Infosys and HCL Tech did it for the Nifty today. Lever has had at terrible week last time around, so that bounced back about 3% after falling one way. Tata Motors wasn't too weak either.
On the losing side some of the infra names like ABB, Reliance Infra, Suzlon appeared a bit weak today and among the other largecap names M&M in autos, ACC In Cement and SBI looked a little subdued today.
