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Nifty trades in tight range; broader indices outperform

At 12:20 hours IST - the 50-share NSE Nifty was trading in a narrow range of 5935-5975 and was also trying to hold 5950 level. Buying in heavyweights like Reliance Industries, Tata Motors, ICICI Bank, Bharti Airtel and NTPC was supporting the markets, which gained 1-3%

However, L&T, TCS, HDFC Bank, Wipro, SAIL, Jindal Steel, HDFC, Power Grid, Cairn, ONGC, Hero Honda and ACC were the losers on Nifty, which limited the gains to major extent.

Nilesh Shah of ICICI Prudential said the indices were not as leveraged as in 2008. “There is enough cash waiting to be deployed into India,” he says.

Further, he goes on to say that the fair value of the market is 5-10% below the current levels. Thus, according to him the markets have limited downside from current levels.

The Sensex was trading at 19792, up 100 points and the Nifty was at 5965, up 30 points. The broader indices were outperforming benchmarks; the BSE Midcap Index was up 1% and Smallcap up 1.5%.

Top gainers - M&M was at Rs 791.65, up 4.21%; Tata Motors was at Rs 1,250.90, up 3.07%; Reliance Industries was at Rs 1,013.30, up 1.85%; Maruti Suzuki was at Rs 1,459.05, up 1.40%; ICICI Bank was at Rs 1,172.65, up 1.38%; BPCL was at Rs 718, up 1.79% and IDFC was at Rs 192.20, up 1.75%.

In midcap space, TVS Motor, Gujarat Flourochem, Great Offshore, MVL and SpiceJet were up 4-6.4% while Money Matters, Prakash Industries, Financial Tech, Usha Martin and Man Infra fell 2-8.4%.

In smallcap space, MSK Projects, Hind Org Chemical, Splash Media, Atlanta and Orient Abrasive went up 8-12.7% while Maharashtra Polybutenes, Rollatainers, Urja Global, Gujarat Natural and EIH Associated Hotel slipped 5-12%.

About 35 shares advanced while 15 shares declined on the CNX Nifty. On the BSE Sensex, about 9 shares declined while 21 shares advanced.

About 2172 shares advanced while 1038 shares declined on BSE. Nearly 243 shares were unchanged.

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