12:00
Moneycontrol BureauLive Market Commentary 12:15pm Expert sees consolidation
Laurence Balanco, CLSA says last Friday's Nifty action of hitting a new high and the reversal resembles a 'buying climax' and suggests that the market is set for at least a consolidation/corrective period.
"Going by anecdotal evidence of 2009 Indian and 2013 Malaysian elections, Nifty is likely to enter a consolidation/correction between 7,625 resistance and 6,661-6,902 support over the coming weeks," he adds.
12:00pm The market extended losses in noon trade with the Sensex falling 87.99 points to 24288.89 and the Nifty losing 21.95 points to 7253.55 but the broader markets continued to outperform benchmarks for the third consecutive day.
The BSE Midcap Index gained 1.3 percent and Smallcap rallied 1.8 percent. Advancers beat decliners by a ratio of 1865 to 776 on the Bombay Stock Exchange.
Capital goods, banks, FMCG and healthcare stocks saw profit booking while technology stocks continued to see buying interest.
In the banking space, top lenders State Bank of India, ICICI Bank, HDFC Bank and Axis Bank declined 0.7-1.4 percent. Shares of Larsen & Toubro, ONGC, Sun Pharma, Bharti Airtel, Dr Reddy's Labs, GAIL, BHEL and Tata Power lost 1-2 percent.
However, two-wheeler maker Bajaj Auto and aluminium major Hindalco Industries surged 4 percent each followed by NTPC with 2.4 percent and Coal India with a percent. IT majors Infosys and TCS gained 0.8 percent and 0.4 percent, respectively.
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