Nifty ends flat; telecom, ADAG, metals dip, pharma up
27 Dec 2010
Equity benchmarks closed the session with moderate losses on Monday after witnessing a consolidation, led by sell-off in metal, telecom, Anil Dhirubhai Ambani Group (ADAG), power and select infrastructure companies' shares along with heavyweights Reliance Industries, L&T and ITC.
The Nifty remained in a range around 6,000 level. "The market should be in this broad range of 5,700 to around 6,000-6,050, possibly, the pre-budget rally could take it to levels of around 6,200-6,250," Ambreesh Baliga of Karvy Stock Broking said.
Weak global cues also weighed on markets in second half of trade; European markets like CAC and DAX were down 1% each; Even Dow Jones futures fell around half a percent. China's Shanghai slipped 1.9% in late trade.
However, the markets got some support from healthcare, cement and select technology companies' shares along with ONGC, ICICI Bank, BHEL, HUL, Tata Power, Hero Honda and Maruti Suzuki, which limited losses.
The 30-share BSE Sensex closed at 20029, down 44.7 points and the 50-share NSE Nifty fell 13.5 points to settle at 5,998.
ADAG companies' shares like Reliance Capital, Reliance Power, Reliance Communications and Reliance Infrastructure were down 2-3.5%. India's largest telecom player Bharti Airtel fell 2%.
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