The Indian markets are seen consolidating yet again as investors are likely to trade cautiously in view of key macroeconomic data such as industrial production and inflation.
The Sensex opened positive but immediately turned red and is currently down o.02 percent at 19482, while the Nifty is down 0.05 percent at 5894.
“This week may see consolidation after an unexpected drop in advance GDP estimates and ahead of IIP and inflation data. Nifty has corrected by over 2 percent in February and more profit-booking could be coming ahead as we head towards Budget session,” said Vikas Jain, Founder, Aditya Trading Solutions.
Infosys, Wipro, Sun Pharma, NTPC, BHEL, SBI, Dr Reddys Lab, Tata Motors, Hindalco Inds, Mahindra & Mahindra, are among gainers in Sensex and Nifty.
RIL, TCS, Tata Power, Bajaj Auto, HDFC, Tata Steel, Hero MotoCorp,ONGC, ICICI Bank, ITC, Bharti airtel, Gail India, are among losers in Sensex and Nifty.
“Weak GDP numbers have dampened the market sentiment, however, any positive cues from global markets may help in recovery. In coming sessions, 5,900 level shall be crucial deciding factor in near-term for Nifty and the index is likely to witness further selling below this level,” said Rakesh Goyal, Senior Vice President, Bonanza Portfolio.
The Central Statistical Organisation (CSO) had last week said growth would decline from 6.2 per cent in 2011-12 to 5 per cent, much lower than the projections of the Reserve Bank and other agencies.
With PTI inputs