Indian equity benchmarks were moderately lower in the opening trade today following quiet trade across the globe. Indices have been consolidating for the third consecutive session today.
According to Sonam Udasi head of research at IDBI Capital, the Nifty should consolidate at these levels. "Though the momentum is showing a bit of positivity in the near-term, the noise about the headwinds on crude and inflation we feels are getting stronger by the day and that should prevent a huge upside from here. Thus we foresee challenges in the near-term".
The Sensex hovering between 17,000 and 19,500 in the near-term.
At 9:18 hours IST, the 30-share BSE Sensex was trading at 19,575, down 36 points and the 50-share NSE Nifty fell 12 points to 5,879.
Among frontliners, Sesa Goa (down 2% on profit booking), Cairn India, Maruti, Tata Motors, Infosys, TCS, SBI, Bharti Airtel, Jaiprakash Associates, HDFC Bank and Kotak Mahindra Bank were dragging the markets down marginally.
However, Power Grid, DLF, GAIL, ONGC, HDFC and Axis Bank were witnessing buying interest.
However, the CNX Midcap Index rose 12 points to 8,354. About 570 shares advanced as against 330 shares declined on National Stock Exchange.
According to Sonam Udasi head of research at IDBI Capital, the Nifty should consolidate at these levels. "Though the momentum is showing a bit of positivity in the near-term, the noise about the headwinds on crude and inflation we feels are getting stronger by the day and that should prevent a huge upside from here. Thus we foresee challenges in the near-term".
The Sensex hovering between 17,000 and 19,500 in the near-term.
At 9:18 hours IST, the 30-share BSE Sensex was trading at 19,575, down 36 points and the 50-share NSE Nifty fell 12 points to 5,879.
Among frontliners, Sesa Goa (down 2% on profit booking), Cairn India, Maruti, Tata Motors, Infosys, TCS, SBI, Bharti Airtel, Jaiprakash Associates, HDFC Bank and Kotak Mahindra Bank were dragging the markets down marginally.
However, Power Grid, DLF, GAIL, ONGC, HDFC and Axis Bank were witnessing buying interest.
However, the CNX Midcap Index rose 12 points to 8,354. About 570 shares advanced as against 330 shares declined on National Stock Exchange.
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