Markets are rangebound on back of selling pressure in some of the large caps and investors cashing in on the Coal India issue, The Sensex has risen 15 points to 20,183 and the Nifty has surged 6 points to 6081.
The Coal India was subscribed 34% yesterday. Shardul Kulkarni, Senior Analysts from Angel Securities expects markets to trade sideways in the range of 6000 to around 6280 and it would be prudent if investors trade in stocks rather than the index."
"Profit booking is happening at higher levels as some of the large-caps are quoting at higher valuations, "said Mirae Asset India Head of Equities, Gopal Agrawal.
Among the sectoral indices, Pharma index is leading the sectorak pack, up 1.4%. From the healthcare pack, Biocon has pared morning gains of 11.2% and is currently trading at 9.2% after that Pfizer Inc announced that it would sell Insulin made my Biocon. Aurobindo Pharma, Apollo Hospital and IPCA Laboratories are other prominent gainers from Pharma space, up over 3%.
IT index continues to weigh, the index has fallen 1.2% led by losses in Infosys, HCL Tech, and Wipro.
Top gainers on the Sensex are Cipla, up 1.7% and Bharti Airtel, up 2.2% and ACC up 1.7%. Prominent losers are Infosys, down 2.2%, Tata Power, down 1.4%, and ITC, down 1.1%.
Broader markets outperform, midcap and smallcap indices have risen 1.3% and 1.1% each.
The market breadth continues to be positive. 1850 stocks have advanced while 923 have declined.
