Nifty holds above 11,050 in flat trade; metal stocks under pressure
Shares of HFCL added 3.3 percent in the early trade on Thursday after company bagged a purchase order worth Rs 117 crore from Tata Projects for the supply of optical fiber cables for creating OFC network infrastructure under Bharat Net Phase-II Project in the state of Chhattisgarh. The Market could start pricing in stronger poll outcome in the coming weeks, while the broader market will likely outperforming a rising Nifty.
Nifty could be looking to break its 10,500-11,000 range on the upside, it added.
It expects a yield curve to steepen given likely fiscal slippage. The aggregate corporate balance sheet is improving.
It likes GARP stocks (growth at reasonable price) amongst banks, discretionary, consumption & industrials, it added. It is a firm start for the Indian indices on Thursday with Nifty trading above 11,050 level.
The Sensex is up 45.83 points at 36681.93, while Nifty is up 4.40 points at 11057.40. About 557 shares have advanced, 285 shares declined, and 45 shares are unchanged.
IndusInd Bank, Power Grid, HPCL, IOC, BPCL, Tata Motors, Titan, Zee Ent, Gail, Bharti Airtel are some of the gainers in the early trading session, while losers include Biocon, Indiabulls Housing, Tata Steel, Vendata, JSW Steel.
Among the sectoral indices, the metal index is under pressure with 1 percent cut, followed by auto, pharma and PSU Bank, while some buying is seen in the energy, infra, FMCG and IT. Benchmark indices are flat in the pre-opening trading with Nifty above 11,050 level.
The Sensex is up 90.44 points at 36726.54, while Nifty is up 1.80 points or 0.02% at 11054.80.
Gainers are Bharti Airtel, Tata Motors, Titan, while HDFC slipped in the pre-opening trade. Wall Street's main indexes fell for the third session on Wednesday, with the S&P 500 posting its biggest one-day decline in a month, as healthcare and energy shares slumped and investors sought reasons to buy after the market's strong rally to start the year.