Indian stocks had a tepid start on Monday as traders turned sellers after the fifth weekly rise in a row on major benchmarks. Weak earnings from some blue chips also hurt sentiment on Dalal Street where negative moves were seen on Banking, Infrastructure and Pharma companies.
The Nifty traded 4 points higher at 8,300 at the start of play with Bajaj Auto, Hindalco, HCL Tech, Tata Power and Hero Motor gaining traction in the first half hour of trade. Slippages were seen on Asian Paints, Coal India, Yes Bank, HDFC Bank and Cipla. The Advance-Decline Ratio stood at 30/20 on the Nifty and Dr. Reddy's, Asian Paints, and Axis Bank were the top traded counters on the
Asian Paints was the top loser on the Nifty after its quarterly earnings disappointed.
Broader markets were flat with major indices trading sideways. The trend was mixed in the sectoral space with modest gains observed on the Auto, Metals and IT sectors.
The Sensex gained 61 points, or 0.2 percent, to 27,532 points on the Bombay Stock Exchange. Tata Steel, Vedanta, Maruti and Wipro were among the gainers on the Index while TCS, ITC and NTPC showed slippages. The Advance-Decline Ratio stood at 24/6 and Axis Bank, Lupin and Sun Pharma were the three top traded stocks on the Index.
Bulls slipped on
Mid Cap gainers dominated trade in the derivatives segment with futures of IGL, Exide and Dabur gaining strongly. Slippages were seen on Bharat Forge, Strides Arcolabs and Cadila Health's futures.
Simplex Projects, Rane Brake Lining and Maharashtra Scooters were some stocks figuring on the volume buzzers list on the National Stock Exchange.
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