Markets ended a lacklustre session in the red on back of subdued Asian markets and a mixed bag of earnings. After opening at 6303 today, the Nifty had been stuck in a tight range of 39 points, and it closed at 6276 - down 26 points. The Sensex fell 57 points and ended at 20,876.
Markets have been taking a breather and analysts do not expect further downside. "I do not see a downside below 6200 for the Nifty, expect consolidation to continue and see a break out in November itself since earnings growth momentum is very good, " said Kishor Ostwal, CMD, CNI Research.
In other Asian markets, Hang Seng closed down 0.8% at 24,500, while the Nikkei gained 1.4% to a four-month high at 9,830. Seoul Composite and Taiwan Weighted shut shop gaining 1% and 0.06%, respectively. Shanghai Composite dipped 0.6% after its trade surplus widened to $27.15 billion, more than expected. The European indices continue to trade marginally weak after opening in the red.
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In India, stocks continued to react to a mixed set of earnings. On the one hand, Tata Motors touched a high of Rs 1350 (up 6.3%) after Q2 FY11 numbers topped analysts’ estimates, the stock pared some gains and ended at Rs 1301 (up 2.5%). On the other hand, Bharti Airtel dipped 2.2% and Hindalco fell 1.3% as Q2 earnings missed estimates.
Among individual stocks