Nifty trading below 5400 and Sensex below 18K

Nifty was trading below 5400 mark in a narrow band of 20-30 points. It was yet another lacklustre session for the markets prior to expiry tomorrow. The market was trading in line with Asian peers that were pressured by nagging fears about Europe's spreading debt crisis. Selling pressure was seen in realty, IT, telecom and capital goods stocks. The broader markets too were trading in red.

At 10.43, the Sensex was down 85.23 points or 0.47% at 17926.74, and the Nifty was down 23.45 points or 0.43% at 5371.40. About 1049 shares advanced, 1148 shares declined, and 1445 shares remain unchanged.

Tata Steel and Coal India Q4 result

Tata Steel Q4FY11 consolidated sales are seen up 21% at Rs 32965 cr versus Rs 27225 cr, YoY. Its EBITDA is seen down 3% at Rs 4625 crore versus Rs 4751 crore and EBITDA margins are seen at 14% versus 17%, YoY. The company’s PAT is seen down 22% at Rs 1901 crore versus Rs 2434 crore, YoY.

Coal India is set to announce its fourth quarter results today. The company's sales are seen up 14% at Rs 14430 cr versus Rs 12692 crore. EBITDA is seen up 41% at Rs 4768 crore versus Rs 3375 crore.
EBITDA margin is seen at 33% vs 27%. Net profit is seen up 42% at Rs 3734 crore versus Rs 2626 crore.

Sensex and Nifty Down

At 09.25, the Sensex was down 51.79 points or 0.29% at 17960.18, and the Nifty was down 18.10 points or 0.34% at 5376.75. About 542 shares advanced, 542 shares declined, and 2558 shares remain unchanged.

Nifty gainers: Jindal Steel, HUL, Sun Pharma, Cairn India and HDFC were up 1-1.6%.

Nifty losers: DLF, Infosys, Dr Reddys Labs, Reliance Capital and Tata Power were down 1-4%.

Karnataka Bank has announced its results

Karnataka Bank has announced its fourth quarter results. The company's Q4FY11 net interest income (NII) was up 71% at Rs 205 crore versus Rs 120 crore.

Sensex a good bet between 17,295-20,000 range

Indian market, struggling to resurface from the debris of gloomy world economy, has almost lost confidence of both global and local investors. Global sell-offs have been pulling Indian shares.

Sensex a good bet between 17,295-20,000 range.