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Live: Rangebound market off day’s high; Infosys down

11:16

The News International Team

11:00 am: Day 2 of consolidation continues with the benchmark indices trading in a small range below and above the flat line.

The BSE Sensex is up 0.09 percent, or 24 points, to 28,188 while the NSE Nifty is up 0.04 percent, or a mere 4 points, to 8,429.

The broader markets are still going strong, as traders continue to cash in on opportunities provided by riskier mid and small cap fare.

In sectors, sugar, telecom and auto are higher while banks, IT and oil & gas are down. The move in sugar and telecom was led by respective news in those (likely sugar export subsidy and dates announcement of upcoming spectrum auctions).

Among individual stocks, Infosys is down 0.5 percent after the sacking and resignation of its BPO unit CFO and CEO, respectively. Aurobindo Pharma had lost 1.1 percent after a director had been attacked this morning in a foiled kidnap bid. Ranbaxy fell 1.9 percent after exchanges announced dropping the stock from key indexes owing to its proposed merger with Sun and after it filed a suit against the US FDA for revoking a drug approval.

Mid and small caps were up 0.74 percent each, following up yet another day of gains. But experts are now turning cautious on valuations in the space.

“We are now struggling for the last couple of months because top down most of the stocks we have been covering for a while have become just too rich for our comfort and we have been on a downgrading spree in fact,” Gautam Chhaochhari of UBS told CNBC-TV18.

“The names where we still have a conviction on is MCX, then LIC Housing Finance, Exide Industries where we still think the risk reward is still attractive in terms of positive surprise and current valuations,” he added.

Read the complete interview here.

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