Sensex rangebound; Nifty Bank under pressure, Axis drags

Axis Bank
The market continued to be rangebound in morning, with the Nifty gyrating in 30-point range after reclaiming 8950 in opening. Banks, FMCG, infra, auto and telecom stocks were under pressure while on the other side, Reliance Industries and Infosys were supporting the market.

The 30-share BSE Sensex was up 7.25 points at 28900.22 and the 50-share NSE Nifty fell 14.90 points to 8924.60 while the broader markets moderately outperformed on positive breadth.

About 1222 shares advanced against 1098 declining shares on the BSE.

Reliance Industries retained its top position in the buying list among Sensex & Nifty stocks, up more than 5 percent after Morgan Stanley raised target price on the stock to Rs 1,506 from Rs 1,280 as it feels energy earnings should exceed market expectations.

Bank Nifty fell nearly a percent as bank stocks were under pressure. Axis Bank was biggest loser Bank Nifty stocks, down 2.77 percent followed by Bank of India, Bank of Baroda, Kotak Mahindra Bank, Yes Bank, PNB, SBI, ICICI Bank and HDFC Bank.

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