Nifty ends flat amid low volume; healthcare, realty gain
30 May 2011
Indian equity benchmarks closed flat with a negative bias on Monday. It was a completely directionless trade for the market amid low volume. However, the broader indices outperformed benchmarks.
Rahul Mohindar of viratechindia.com feels that the trend is likely to stay sideways to negative. "It is going to be very stock specific," he added.
Ambareesh Baliga, COO of Way2Wealth believes it's a great time for investors. "People should be investing, but invest in a small way." According to him, 5350-5400 is a good support level."
The 50-share NSE Nifty fell just 3 points, to close at 5,473.10 and the 30-share BSE Sensex declined 34 points, to end at 18,232. The Nifty June futures' discount too trimmed to 6 points from 17 points in early trade.
Healthcare sector showed fabulous performance today; respective index gained more than 2%. Sun Pharma shot up over 4% and Ranbaxy Labs surged nearly 5%. Cipla was up 3% and Dr Reddy's Labs up 1%.
Sun Pharma said Taro reported strong margins this quarter. Company sees consolidated growth at 28-30% in FY12 including Taro.