Markets trade flat; cement stocks rally

Published: Friday, May 17, 2013, 9:45 [IST]

Markets were trading flat with a negative basis as investors chose to book profits after a sharp rally witnessed in the last few trading sessions.

The Sensex was down 10 points, while the Nifty was trading lower by 7 points in early trade. Among the top gainers from the Nifty were cement stocks including Ultratech Cement, Ambuja Cements and Jaiprakash Associates.

Software stocks also saw some buying support with notable gainers from the space being Infosys and Tata Consultancy Services.

Banking stocks, however, saw some profit booking with notable losers being IndusInd Bank, HDFC Bank, Axis Bank and ICICI Bank.

Other Nifty losers were Ranbaxy Labs, Dr Reddy's Laboratories, Cipla, Lupin and BajajAuto. Heavyweight, ITC saw some buying support ahead of its results to be declared later today. JM Financials was trading up almost 10 per cent, after Vikram Pandit bought a stake in the company.

DB Corp was trading flat after the print media and radio firm reported 21.58 per cent rise in consolidated net profit at Rs 55.2 crore for the quarter ended March 31, 2013.

Mahindra Satyam was trading higher after the company reported 15 per cent decline in profit after tax at Rs 454.12 crore for the fourth quarter ended March 2013 due to higher personnel expenses and provision for taxes.

Realty stocks that had gained substantially in trade saw some selling pressure following weakish market sentiments.

Meanwhile, markets in Asia were trading with marginal gains with the Shanghai Composite and Hang Sang trading higher.

GoodReturns.in

Story first published: Friday, May 17, 2013, 9:45 [IST]

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