AT 09.39 Hrs Sensex, Nifty open weak; midcaps continue to inch up
Key benchmarks Sensex and Nifty opened sluggish Thursday, but investors continued to keep faith in mid and small cap shares, betting them to be reasonably valued compared to
their large cap counterparts.
The BSE Sensex was down 128 points at 19263 and the Nifty was down 43 points at 5857. Market breadth was negative on the NSE with over 600 stocks declining, compared to 550 stocks that gained.
Nifty December futures were quoting at a premium of 27 points to spot, an indication that traders are betting the uptrend to resume shortly.
Shares of retail firms were up in early trade after the Bill to allow foreign direct investment in retail was passed in the Lok Sabha on Thursday. Shoppers Stop was up 4% at Rs 482 and Pantaloon Retail was up 3 percent at Rs 244.
IT shares continue to slide after Cognizant's guidance of 16% growth in revenues for 2013 has stoked concerns of a slowdown in outsourcing projects to Indian software services firm.
Shares of Infosys and HCL tech were down over a percent each.
The BSE Sensex was down 128 points at 19263 and the Nifty was down 43 points at 5857. Market breadth was negative on the NSE with over 600 stocks declining, compared to 550 stocks that gained.
Nifty December futures were quoting at a premium of 27 points to spot, an indication that traders are betting the uptrend to resume shortly.
Shares of retail firms were up in early trade after the Bill to allow foreign direct investment in retail was passed in the Lok Sabha on Thursday. Shoppers Stop was up 4% at Rs 482 and Pantaloon Retail was up 3 percent at Rs 244.
IT shares continue to slide after Cognizant's guidance of 16% growth in revenues for 2013 has stoked concerns of a slowdown in outsourcing projects to Indian software services firm.
Shares of Infosys and HCL tech were down over a percent each.
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