Nifty closes flat with +ve bias; Infy, RIL, ICICI Bk lead
18 Mar 2010
The benchmark Nifty closed the session on a flat note with positive bias after seeing consolidation since beginning of trade. Overall, it was a lacklustre session today after a two-day rally. The index strengthened in the last few minutes of trade to close just near 5250, especially on the back of heavyweights like Infosys, SAIL, ICICI Bank, Reliance Industries and SBI along with telecom stocks.
However, selling in infrastructure stocks along with ONGC, TCS, Wipro, M&M, ITC, Sterlite Industries, BPCL, Maruti and HDFC Bank limited the losses to some extent.
Sanjay Dutt of Quantum Securities sees some sector and stock rotation in markets now. He says that the markets are at higher end of valuations at current levels.
Shares of India's second largest IT exporter Infosys Technologies touched a 52-week high of Rs 2,793.90 each. The stock closed at 2,787.60, up 1.8%. Yesterday TCS intimated that its fourth quarter numbers would be strong than third quarter of FY10.
The 30-share BSE Sensex closed at 17519.26, up 29.18 points and the Nifty rose 14 points to settle at 5245.90, after seeing an intraday range of 17417.61-17548.13 and 5214.40-5255.65, respectively. FIIs net bought more than Rs 11,000 crore worth of equity shares since the beginning of this month.
According to Dutt, liquidity may take Nifty to 5,400-5,500. ''Will take some profits at around 5,400-5,500."
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