Nifty trades in a range - Alex Mathews

The markets had opened on a negative note tracking global markets and moved in a range most of the time and closed for the day in red among a volatility trade.

The morning trade was waiting for the Infosys quarterly result which had posted a 2.6% growth in net profit to Rs 1600 crore on 3.5% rise in revenues to Rs 5944 crore in Q4 March 2010 over Q3 December 2009. As it was slightly below estimates and so initially the stock fell but very soon got support and jumped back to green making a gain of around 2.68%.

The stocks remained subdued with many volatile movements with IT sector gaining. In the European space stocks fell ahead of US earning news with banking stocks feeling the pressure. The mining stocks too were down. The DOW futures index were too down in red and finally our markets came to a close for the day in red with Nifty down 0.31% and Sensex down 0.17%.

Individual gainers were KIL, Indian Bank, Ramco Systems, Kabra Extrusions etc while the losers were bag films, Hitech Plastics, Amrutanjan etc.

Source : Equity Bulls

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