Nifty consolidates; SBI, ICICI Bank, Infosys dip
The benchmark Nifty was consolidating at previous closing value at 11 hours, which was on expected lines especially after the rally seen in previous eight consecutive sessions. Index had surged 469 points in those eight days led by foreign institutional investors buying of two billion dollar worth of shares.
April 01, 2011 / 12:12 IST
The benchmark Nifty was consolidating at previous closing value at 11 hours, which was on expected lines especially after the rally seen in previous eight consecutive sessions. Index had surged 469 points in those eight days led by foreign institutional investors buying of two billion dollar worth of shares.
Financial, technology and oil marketing companies' shares were witnessing profit booking. NTPC, Bharti Airtel, Dr Reddy's Labs, Tata Power, Tata Motors, Ambuja Cements, L&T, HUL and Sterlite Industries too were down.However, BHEL, ONGC, ITC, Reliance Industries, Hindalco, Maruti, Hero Honda, DLF, Tata Steel and Ranbaxy Labs were supporting the markets. Anil Dhirubhai Ambani Group companies' shares too were quite supportive.The 30-share BSE Sensex was trading at 19,446, up 1 point while the 50-share NSE Nifty fell 9 points to 5,825. But the broader indices were outperforming the benchmarks - the BSE Midcap and Smallcap indices gained 1% each.Traders too were expecting volatility to rise from April 1 as the new stamp duty structure in the state becomes effective, as trading volumes could shrink on lower participation from day traders. Under the new rule, all class of investors will be charged a flat rate of Rs 5 per Rs 1 lakh of transaction. This will squeeze the profitability of jobbers
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