Mid-Market—Sensex continues lackluster movement; IT stocks drag Analysis for Jan 14, 2014

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The key Indian benchmark indices continued the lackluster movement with negative bias, tracking the other Asian markets. Experts believe that markets may remain sluggish in the near term amid weak FII inflows. They expect stock specific action in the Q3 earning season. The 30-share BSE Sensex, which had rallied sharply by 375 points on Monday, was trading around 40 points lower as IT heavyweights including TCS and Wipro witnessed profit booking. Tata Motors and Tata Steel were among the other prominent losers on Sensex.

At 12:33PM, BSE SENSEX was at 21089.97 down by 44.24 points or by 0.21 per cent while NSE Nifty was at 6256.8 down by 15.95 points or by 0.25 per cent.

The BSE MIDCAP was at 6582.68 down by 8.2 points or by 0.12 per cent, while the BSE SMLCAP was at 6605.09 up by 10.77 points or by 0.16 per cent.

The top gainers of the BSE Sensex pack were Housing Development Finance Corporation Ltd. (Rs. 825.00,+0.75%), Mahindra & Mahindra Ltd. (Rs. 895.40,+0.71%), Cipla Ltd. (Rs. 405.35,+0.68%), Dr. Reddy's Laboratories Ltd. (Rs. 2641.00,+0.49%), Larsen & Toubro Ltd. (Rs. 983.90,+0.39%), among others.

The top losers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 378.50,-1.98%), Tata Consultancy Services Ltd. (Rs. 2333.40,-1.56%), Wipro Ltd. (Rs. 554.00,-1.33%), Tata Motors Ltd. (Rs. 371.30,-1.26%), NTPC Ltd. (Rs. 131.30,-1.09%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2497, shares advanced were 1097 while 1242 shares declined and 158 were unchanged.

IT index was under pressure due to profit booking after yesterday"s gains. The BSE IT index was at 9520.16 down by 65.07 points or by 0.68 per cent. MindTree Ltd. (Rs. 1555.10,-4.07%), Indian Infotech & Software Ltd. (Rs. 16.00,-3.90%), MphasiS Ltd. (Rs. 427.30,-2.38%), Tata Consultancy Services Ltd. (Rs. 2333.40,-1.56%), HCL Technologies Ltd. (Rs. 1326.90,-1.33%),.

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Story first published: Tuesday, January 14, 2014, 12:48 [IST]
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