Sensex trades flat; RIL, DLF, Hindalco down
The benchmark indices Sensex and Nifty were trading flat and not showing movement on either side as sectoral indices were mixed. Oil & gas, realty stocks were trading lower while IT and capital goods stocks were witnessing buying interest.
April 25, 2011 / 14:33 IST
The benchmark indices Sensex and Nifty were trading flat and not showing movement on either side as sectoral indices were mixed. Oil & gas, realty stocks were trading lower while IT and capital goods stocks were witnessing buying interest.
Index heavy Reliance Industries was down nearly 3% as Oil Ministry ordered the company to stop KG-D6 gas supply to non-core users, reported CNBC-TV18 quoting PTI.In the realty pack, DLF, HDIL, Orbit Corporation and Unitech were down 1-2%. However, Prestige Estate was up 13% at Rs 158. Mark Matthews, analyst at Macquarie Capital Securities is still remains bullish on the sector saying "the real value lies in the property sector in India." Owing to its low debt-equity ratio, Matthews's top pick from the property sector is Prestige Estates, a stock which rose almost 15% in the morning trade.At 12.55 pm, the Sensex was up 26.64 points or 0.14% at 19628.87, and the Nifty was down 0.90 points or 0.02% at 5883.80.The market breadth was negative, about 1342 shares advanced, 1417 declined, and 874 unchanged.Devina Mehra, First Global says, the market would be close to the fairly valued range.
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