Markets trade flat; Infosys witnesses profit booking

Commentary

oi-Sunil

By Sunil Fernandes

Published: Monday, July 15, 2013, 9:32 [IST]

Markets opened the day lower as selling pressure following Friday's weak IIP data and rising inflation weighed on sentiments, but recovered later to trade with gains.

The Sensex was trading higher by 11 points, while the Nifty slipped 4 points in trade. Among the top losers was Tata Steel which fell 3 per cent after reports that Tata Steel Europe reported record 1.2bn pounds loss

Infosys fell as much as 2 per cent after a 11 per cent rally on Friday as investors chose to book profits in the stock. TCS too dropped in line with Infosys.

The Bank Nifty was under pressure after higher CPI data worried markets that there would be no rate cuts from the RBI. HDFC Bank, IDBI Bank, Punjab National Bank and Union Bank were among the losers.

Polaris rallied 3 per cent in trade after reports that Tech Mahindra may buy its IT services business. Spice Jet was up nearly 8.66 per cent after reports that Kuwait Airways may buy a stake in the company.

Realty stocks came in for some selling pressure with notable losers from the space being DLF, HDIL and Sobha Developers. The Mid Cap index was trading flat with gainers from the space including Hexaware, Reliance Communications and Tata Global.

Meanwhile, markets in Asia were trading marginally higher with gains in the Shanghai Composite and Hong Kong's Hang Sang.

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