Sensex, Nifty trade flat; power stocks rally again

Commentary

oi-Sunil

By Sunil Fernandes

Published: Wednesday, May 21, 2014, 9:31 [IST]

The Sensex and the Nifty opened the day flat with select stocks from the power sector gaining once again in trade. The Sensex was trading higher by 10 points, while the Nifty gained 2 points in trade.

Nifty stocks that were weak in trade were some of the metal stocks with Hindalco, NMDC, Tata Steel and Sesa Sterlite among the losers.

Action once again shifted to select mid cap stocks with IVRCL jumping 10 per cent, on hopes that there would be a rebound for the infra sector once the new govt pushes its growth agenda. Jain Irrigation continued to rally and was up 4 per cent, as mid cap stocks continued to find favour. Hindustan Construction, Gammon Infra and Gammon India were the other stocks from the infra and construction space that saw a huge uptick in trade.

Nifty stocks that saw some buying interest were Bajaj Auto, IDFC and Lupin. Software stocks which slumped on Monday and then recovered on Tuesday were holding steady. HCL Tech, Wipro and TCS were marginally up, while Infosys was mildly lower.

Shares in Ballarpur Industries Ltd fell after the company said that it has temporarily shut down a unit in Andhra Pradesh due to adverse global & Indian market conditions of Rayon Grade Pulp/Viscose Staple Fibre.
Punj Lloyd was trading lower after the company reported a sharp increase in net losses. Meanwhile, markets in Asia were trading lower following a sharp drop in the US markets, which saw retail stocks slump.

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