A volatile Sensex was looking for consolidation in the opening trade after yesterday's sharp upmove. It was marginally in the red due to fall in index heavyweight Reliance, ONGC and Infosys.
Nilesh Shah of Envision Capital said the market would be in a range of 4700 on the downside and 5100 on the upside for next few days.
Index heavyweight Reliance Industries was down 1.6% as sources claim that the company will engage in arbitration to seek clarity, protection to production sharing contract. Govt may opt to hold on to inducting BP as co-owner in KG-D6.
Frontliners like ACC, Infosys, L&T, ICICI Bank, Kotak Mahindra Bank, SBI, HDFC, Hindalco, Tata Motors, Hero Motocorp, Maruti, BPCL (on likely cut in petrol prices) and ONGC were leading the markets southward.
However, Ranbaxy Labs, Bharti Airtel, TCS, Cipla, HDFC Bank, HUL and ITC were gainers.
The CNX Midcap was flat. Even the market breadth was neutral.
Shares of Vishal Retail and Koutons tanked 6% ahead of all party meeting called by prime minister to break parliament logjam on FDI in retail today. Pantaloon Retail was down 2.8%.
Kingfisher Airlines, GVK Power, Crompton, Educomp and SKS Microfinance were down between 1% and 2%.
However, DB Realty shot up 3.5% ahead of Shahid Balwa bail plea today.
Sun TV, HOEC and Parsvnath moved up 2-3%.
Global cues
Asian markets were trading higher. Shanghai and Hang Seng rose 0.5% each. Nikkei and Taiwan went up 0.8% each. Kospi rose 1.5%.
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