Sensex, Nifty consolidate; IDFC, IDFC Bank see sharp rally

Epic Update : IDFC
Equity benchmarks remained rangebound in afternoon trade, with the Nifty moving in a tight range of 20 points since the beginning today.

The 30-share BSE Sensex was down 2.03 points at 31,207.76 and the 50-share NSE Nifty gained 10.55 points at 9,623.85.

About 1,640 shares advanced against 957 declining shares on the BSE.

IDFC as well as IDFC Bank rallied nearly 10 percent each after sources told CNBC-TV18 that IDFC Bank is likely to announce a large acquisition shortly.

The bank is looking to acquire a large financial services company, which will be in-line with with strategy to augment retail business, sources said.

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