Mid-Market-Sensex flat, IT major drags Analysis for Apr 16, 2014

Posted By: Religare
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Indian markets remained flat with weaknesses witnessed in IT shares ahead of TCS yearly results. Meanwhile IT major Infosys and TCS both decline by 1-2 per cent.

Shares of Maruti Suzuki, the India's largest car maker, gained more than 1.5 percent after brokerage house Nomura says it maintains buy rating on the stock with increased target price to Rs 2,295 from Rs 2,135 earlier.

Nomura said Maruti embarks on its best ever phase of new model launches with 14 new models over 2014-18 and many of these in new segments for the company, such as compact SUVs, crossovers, higher-end sedans and LCVs. Thus, growth visibility is high, it adds.

At 12:08PM BSE SENSEX was at 22474.35 down by 10.58 points or by 0.05 per cent and NSE Nifty was at 6741.1 up by 8 points or by 0.12 per cent.

The BSE MIDCAP was at 7314.94 up by 2.95 points or by 0.04 per cent, while the BSE SMLCAP was at 7524.58 up by 23.08 points or by 0.31 per cent.

The top gainers of the BSE Sensex pack were Maruti Suzuki India Ltd. (Rs. 1959.85,+1.95%), Hindalco Industries Ltd. (Rs. 136.45,+1.68%), Tata Steel Ltd. (Rs. 414.20,+1.42%), ITC Ltd. (Rs. 345.30,+1.26%) and ICICI Bank Ltd. (Rs. 1231.20,+1.08%).

The top losers of the BSE Sensex pack were Infosys Ltd. (Rs. 3188.20,-2.22%), Tata Consultancy Services Ltd. (Rs. 2216.55,-1.55%), Bharat Heavy Electricals Ltd. (Rs. 179.00,-1.30%), Dr. Reddy's Laboratories Ltd. (Rs. 2547.50,-1.16%) and Housing Development Finance Corporation Ltd. (Rs. 877.65,-1.14%).

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Story first published: Wednesday, April 16, 2014, 12:48 [IST]
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