Nifty holds 6300 amid volatility; ITC HUL under pressure

Written By Unknown on Rabu, 22 Januari 2014 | 14.02

12:21

Moneycontrol Bureau
Live Market Commentary
The market is directionless in noon trade as the Sensex rose just 0.78 points to 21251.90, and the Nifty gained 0.15 points at 6,313.95. About 1140 shares have advanced, 1028 shares declined, and 208 shares are unchanged.

The range-bound Nifty is absorbing all sorts of selling pressure at this time, but will see a sharp rise if the index sees a monthly close above 6357, says Regan F Homavazir, Associate VP - Technical Research, Darashaw. His long-term target for the Nifty is at 7500.

FMCG stocks are under pressure; ITC is biggest loser in the Sensex, falling 1.6 percent followed by Hindustan Unilever with 1 percent loss.

Among others, State Bank of India , Larsen and Toubro , HDFC , ONGC , ICICI Bank and Axis Bank too are weak.

However, Bharti Airtel gained nearly 2 percent on reports that it is going to split its Africa tower business sale. According to CNBC-TV18 sources, the country's largest telecom company is likely to split its Africa tower business sale on a country-by-country basis.

Sun Pharma , Tata Steel , Cipla and Tata Steel climbed over 1.5 percent.



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