Indian markets consolidate in a narrow range

Mr. Devarsh Vakil - Deputy Head Retail Research, HDFC Securities

After fluctuating between gains and losses, Indian markets ended marginally lower in the volatile session. Banks, financials and consumer durables declined while metal, IT, pharma and oil & gas stocks advanced.

According to news reports Canada Pension Plan Investment Board sold stake via a bulk deal to make a partial exit from Kotak Mahindra Bank. Zee Entertainment Enterprises (ZEEL) jumped 17% in today's trade. Invesco Developing Markets Fund, ZEEL's largest minority shareholder decided not to pursue an extraordinary general meeting (EGM) to add six independent directors as Zee's merger with Sony will achieve the fund's aim of strengthening board oversight. Lupin gained almost 4% as it received final approval from the US-based drug regulator, USFDA for its abbreviated new drug application (ANDA) Sildenafil.

Major Asian markets have closed on a mixed note. European indices like the FTSE and CAC have ended higher.

The Nifty finally lost 22.9 points or 0.13% to close at 17,222.75. In broader markets, midcap and smallcap indices ended marginally higher.

For last 5 trading sessions, Nifty has been consolidating in the narrow range of 200 odd points. Bank Nifty continued its underperformance, as it plunged more than 1.7% against minor fall in Nifty.

Source : Equity Bulls

Keywords

HDFCSecurities MarketWrap Nifty Sensex