Nifty below 8950 amid consolidation; JSPL rises for 8th day

Epic Update Jindal Steel
Epic Update Jindal Steel

Equity benchmarks continued to consolidate in noon trade as investors awaited Q3 GDP data and assembly elections results that will give the market direction on either side.

The 30-share BSE Sensex fell 4.83 points to 28888.14 and the 50-share NSE Nifty declined 18.70 points to 8920.80 after rising 7 percent in previous five consecutive weeks.

Axis Bank lost 3 percent on profit booking. Last week the stock jumped 8 percent on hopes of merger with other private sector lender.

Reliance Industries crossed market capitalisation of Rs 4 lakh crore for the first time since January 18, 2008. The stock surged 5 percent on value buying after Morgan Stanley raised target price on the stock to Rs 1,506 as it believes RIL’s energy earnings should exceed market expectations.

Infosys and HUL gained over a percent while ITC, Tata Motors, ICICI Bank, L&T, HDFC and SBI were under pressure.

Jindal Steel & Power gained for eighth consecutive session today, retaining its top position in the buying list among midcaps, up 4.5 percent. The stock jumped more than 41 percent in 8 days.

Oil prices edged higher, with Brent oil set to rise for five out of seven sessions as a global supply glut appears to ease, but rising US production limited gains. Brent crude oil climbed 0.68 percent to USD 56.37 a barrel, while US West Texas Intermediate added 0.57 percent to USD 54.30 a barrel.

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