Indian Stock Market Trade Lower; Infosys, Reliance, SAIL Decline

Submitted by Hitesh Mehta on Fri, 09/09/2011 - 07:27

Indian stock markets were trading marginally lower on Friday. The benchmark BSE Sensex was 32 points lower at 17133 while NSE Nifty was down by 13 points at 12.45 IST. Asian Markets were trading marginally lower.

In Indian stock markets, major gainers included FMCG major HUL. The stock was up by 3.3% at 335 after touching in intraday high of Rs 338. Hero Motorcorp was up by 2.5%. IDFC, HDFC, Cairn India, Reliance Communications, Bharti Airtel, PNB were among gainers.

After having good run yesterday, Ranbaxy was trading one per cent higher today. The stock touched intraday high of Rs 517. Dr Reddy’s Labs and Cipla were marginally higher.

Among major gainers were metal counters led by SAIL, Hindalco, Tata Steel and Sterlite Industries. Ambuja Cements, Infosys, GAIL, Tata Power, BPCL, Siemens, Tata Motors were also trading lower compared to last close.

Reliance Industries was nearly 1 per cent lower. Real Estate major DLF was also trading lower.

As the US markets closed nearly 1 per cent lower on Thursday, Indian markets are expected to remain range-bound. President Obama announced $447 billion plan for Job stimulus. The market direction will also depend on the sentiment in European markets.