Sensex, Nifty move in tight range

Last Updated: Thu, Jan 23, 2014 07:29 hrs

The market continues to move in a tight band, with investors indulging in stock specific activity, tracking earnings reports for direction. Buying interest is somewhat subdued amid uncertainty about the near term outlook for the market.

While capital goods stocks continue to trade firm, riding on Larsen & Toubro's strong results and order book, stocks from almost all other sectors are turning in a mixed performance amid somewhat lackluster trades.

The Sensex is up 11.40 points or 0.05% at 21,349.07 and the Nifty is up 3.15 points or 0.05% at 6342.10.

Larsen & Toubro is trading nearly 3% up. Jindal Steel & Power is up 2.7% and GAIL India is trading higher by about 2%.

BHEL, Axis Bank, Bharti Airtel, Cairn India, BPCL, Sun Pharmaceutical Industries and HDFC are up 1% - 1.8%.

Mahindra & Mahindra and HCL Technologies, down 2.8% and 2.6%, respectively, are the prominent losers among front line stocks. ONGC is trading lower by 1.5% and Tata Steel is down by around 1%.

NTPC, IndusInd Bank, Punjab National Bank, ICICI Bank, Bajaj Auto and Reliance Industries are also trading notably lower.

KPIT Technologies is down 13.5% at Rs 159 on weak results. The company has announced that consolidated net profit declined nearly 9% to Rs 60.77 crore on 3.53% fall in net sales to Rs 677.93 crore in the October - December 2013 quarter, from the previous quarter.

Amara Raja Batteries Limited shares are up more than 5% at Rs 350 on strong results. The company reported a net profit of Rs 95.01 crore for the quarter ended 31 December 2013, as compared to Rs 80.91 crore for the corresponding quarter last year.

Bharti Infratel has announced that it posted a net profit of Rs 227.70 crore for the quarter ended December 31, 2013. For the quarter ended December 2012, the company had posted a net profit of Rs 151.60 crore. Total income increased from Rs 1207.70 crore for the quarter ended December 31, 2012 to Rs 1321 crpre for the quarter ended December 31, 2013. The stock is up nearly 1.5% at Rs 168 at present.

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