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Nifty lingers near 5350; GAIL, Kotak Bank, L&T down

13 Apr 10 12:42 PM
ET
MUMBAI: Indian markets were moving in a narrow-range with negative bias Monday even as global markets were in the positive terrain. Sentiments in domestic institutions were hurt after the Securities Exchange Board of India banned private insurance companies selling ULIP policies.

“The public spat between SEBI and IRDA about who should regulate ULIPs will cast its ugly shadow on the sentiment. Bulls and bears may prefer to adopt a wait and watch policy despite firm global cues. The role of the Government will now take centerstage and voices will get louder for a financial sector super regulator. A protracted battle and a war of words may ensue, something the markets don’t need right now.

We may still see a higher opening as most global markets have advanced since we closed trading last Friday. IIP data (to be issued today) and monthly inflation (to be released on Thursday) will be closely followed in the run up to the RBI policy next week.

The IT pack will in the spotlight ahead of tomorrow’s Infosys results. The Nifty is expected to top 5400 and levels of 5500 are being talked about widely. But, the ride won’t be all that smooth and some bumps are bound to make the task more difficult,” said India Infoline report.

At 10:45 am, National Stock Exchange’s Nifty was at 5347.30, down 14.45 points or 0.27 per cent. The index touched a high of 5382.15 and low of 5324.95 in early trade.

Bombay Stock Exchange’s Sensex was at 17892.07, down 41.07 points or 0.23 per cent. The 30-share index hit a low of 17817.30 and high of 17995.25.

BSE Midcap Index was up 0.26 per cent and BSE Smallcap Index moved 0.67 per cent higher.

Amongst the sectoral indices, BSE Capital Goods Index was down 0.72 per cent and BSE Bankex slipped 0.44 per cent. BSE FMCG Index gained 0.31 per cent and BSE Realty Index advanced 0.14 per cent.

GAIL (-2.44%), Kotak Bank (-1.97%), Jaiprakash Associates (-1.68%), L&T (-1.66%) and Sterlite Industries (-1.50%) led the Nifty decline.

Sun Pharma (2.82%), Hindustan Unilever (1.20%), Hero Honda (1.19%), Hindalco Industries (1.15%) and Unitech (1.12%) were amongst the top Nifty gainers.

Market breadth was positive on the NSE with 1593 gainers and 1311 losers.

US stocks rose on Friday with the Dow surpassing 11,000 for the first time in a year-and-a-half after Chevron's upbeat outlook and wholesale inventories data reinforced bets on an improving economy.

The Dow Jones Industrial Average gained 70.28 points, or 0.64 per cent, to end at 10,997.35. The Standard & Poor's 500 Index rose 7.93 points, or 0.67 per cent, to 1,194.37. The Nasdaq Composite Index added 17.24 points, or 0.71 per cent, to 2,454.05.

Asian markets gave most of early gains and were mixed. The Nikkei rose 1.04 per cent, Hang Seng was up 0.16 per cent and Seoul Composite was down 0.64 per cent.