12:28
Moneycontrol BureauThe Nifty is trading below 5550-mark in afternoon trade. Technology and metal stocks are dragging the benchmark indices lower. Technical analyst Sudarshan Sukhani believes the market will remain choppy and trade in a narrow band for the rest of the day.
He advises to buy Reliance Communications for short term.
The Sensex is down 34 points at 18416 and the Nifty is down 9 points at 5544.
Meanwhile, Gujarat Chief Minister Narendra Modi is speaking at a FICCI meet.
Reliance Infra, Bharti Airtel, Ambuja Cements, Dr Reddys Labs and Cipla are top gainers on the Nifty. Ranbaxy Labs, Cairn India, ITC, HCL Tech and Sesa Goa are top losers.
In currencies, Yen is still trading at 4-1/2 year low versus the dollar. Euro has cooled off after hitting 1.304 on Friday while dollar index is trading at 82.7.
In commodities, Brent crude slumps to eight month low, trading below $105. Gold rallies 1.5 percent to $1580.
The rupee is trading higher in early trade in line with the euro. There is also news of some dollar flows from corporate but 54.60 is expected to remain a support for the dollar given strong purchases by oil companies.
Bonds are trading higher after the first auction of the new fiscal year saw good demand on Friday.
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