Nifty in tight range; Cairn, Infosys most active
19 Apr 2011
The benchmark Nifty was trading in a tight range of 5700-5750 since the morning trade today. It was completely directionless at 14:30 hours - could be waiting for some trigger during the earnings season.
Prakash Diwan, Head of Institutional Business at Networth Stock Broking feels that the market is going through tremendous volatility at present due to tech stocks.
''Nifty could possibly be in the range of 5600-6000 this month and the series could end in a fairly volatile way for the next few days,'' said Diwan.
On the one side, heavyweights like BHEL (down 2.5%), Reliance Industries, Hero Honda (fell 4.4%), SBI, NTPC and Infosys were pulling the markets down a bit. FMCG stocks too added some pressure.
However, private financial, realty, telecom and select metal companies' shares were helping the benchmark Nifty to hold the 5700 level. L&T and TCS too gained.
The 30-share BSE Sensex was trading at 19,055, down 35 points and the 50-share NSE Nifty fell 6.5 points to 5,722.