Nifty
hovers around 8550; ICICI & HDFC lead :-
The Indian stock market continued to consolidate in noon
trade with the Nifty hovering around the 8,550 mark supported by Pharma and
banking stocks. The broader markets were in-line with the front liners.
Shares of
ICICI Bank, HDFC and Mahindra & Mahindra gained more than 1 percent while
L&T, ONGC, NTPC, GAIL, Coal India and BHEL declined 1-2.5 percent. Sun
Pharma rallied 2 percent ahead of a press meet today. Most likely the company
may highlight the regulatory nods for merger with Ranbaxy. The stock has been
active since CCI gave its nod for the Sun-Ranbaxy merger.
Globally, Asian intraday markets fell on the back of an uninspiring lead from Wall Street. Shanghai took a breather, down 1 percent after a 10-day winning streak. The S&P BSE Sensex came off from its intraday high of 28249.60, and was trading in a range with a positive bias, amid mixed trend seen in other Asian markets. The rally in the index was led by gains in Infosys, Sun Pharma, Tata Motors and TCS.
Globally, Asian intraday markets fell on the back of an uninspiring lead from Wall Street. Shanghai took a breather, down 1 percent after a 10-day winning streak. The S&P BSE Sensex came off from its intraday high of 28249.60, and was trading in a range with a positive bias, amid mixed trend seen in other Asian markets. The rally in the index was led by gains in Infosys, Sun Pharma, Tata Motors and TCS.
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