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Sensex, Nifty consolidate; Midcap, Smallcap extend uptrend

The market remained in a consolidation mode ahead of January-March quarter earnings that will be kicked off with TCS and IndusInd Bank numbers on April 16. The Sensex rose 19.64 points to 28899.02 while the Nifty declined 1.25 points to 8779.10.

10:00

The News International Team

The market remained in a consolidation mode ahead of January-March quarter earnings that will be kicked off with TCS and IndusInd Bank numbers on April 16. The Sensex rose 19.64 points to 28899.02 while the Nifty declined 1.25 points to 8779.10.

The BSE Midcap and Smallcap indices continued to outperform benchmarks, up 0.7-1 percent. More than two shares advanced for every share declining on the Bombay Stock Exchange.

The current rally in the market is on expectation of things improving in the second half of the year, says Krishna Kumar Karwa, MD, Emkay Global Financial Services. He, however, does not see much in terms of earnings in the fourth quarter. Sentiment and expectation are the reasons behind the robust FII and domestic flows seen in recent times, he adds.

Karwa believes it is possible to see the market take out new highs before the first half of FY15. But for it to sustain, it has to be supported by earnings growth, he cautions.

Shares of L&T, Sun Pharma, HUL, Bharti Airtel, Tata Steel and BHEL gained 1-1.5 percent while Tata Motors, Infosys, HDFC Bank, TCS, M&M and Dr Reddy’s Labs fell 0.5-1 percent.

09:15

Sensex, Nifty open flat; HDFC, SBI, L&T gainers

L&T, BHEL, HDFC, SBI, Cipla, Tata Steel and NMDC gained 0.5-1 percent while GAIL dropped 2 percent. Dr Reddy’s Labs, M&M, HDFC Bank, Sesa Sterlite and Coal India declined 0.5-1 percent.

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