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The market continued to be directionless in noon trade with the Nifty trading in 20-point band of 8320-8340. FMCG, private banking & financials, pharma and telecom stocks gained while auto, infra and technology stocks declined.
The Sensex rose 20.76 points to 27187.63 and the Nifty declined 6.70 points to 8329.25. The market breadth remained positive as about 1502 shares advanced against 940 declining shares on Bombay Stock Exchange.
HDFC, HUL, Axis Bank, Bharti Airtel, Cipla and Dr Reddy's Labs climbed 1-2 percent while Infosys, TCS, Adani Ports, ONGC, Tata Steel and NTPC fell 1-2 percent.
Mark Matthews of Bank Julius Baer says that he is overweight on emerging markets as an asset class. India continues to a bright spot. Seventh Pay Commission, GST expectations and monsoon will push growth for the country.
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