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Nifty lacklustre: TCS, Infosys, Tata Steel under pressure
16 Jul 2012, 12:48 PM
The BSE Sensex and NSE Nifty remained lacklustre in afternoon trade. Banks, auto and pharma stocks were on buyers' radar whereas technology and steel stocks were under pressure.

The BSE benchmark was up 39 points at 17,252.85 and the NSE benchmark gained 13 points at 5,240.35. The Indian rupee was quite volatile; it hit the 55 against the US dollar, rising just 13 paise over Friday's close.

10-year bond yields declined 0.93% to 8.0213% after inflation numbers. Inflation for June slipped to 7.25% as against 7.55% in previous month.

State Bank of India, country's largest lender, gained 1.3% while its rivals ICICI Bank and HDFC Bank gained 0.4% and 0.8%, respectively.

Auto stocks too stayed higher. Top car maker Maruti Suzuki jumped over 2% while Tata Motors, Bajaj Auto and M&M moved up 0.5% each.

Top telecom operator Bharti Airtel was the top loser among largecaps, shooting up 4%. Oil & gas producers Reliance Industries and ONGC were up 0.5% each.

Healthcare stocks too extended gains - Dr Reddy's Labs rallied 2.6%. Sun Pharma and Cipla were up over 1.5%.

However, software services exporters TCS and Infosys remained lower, falling 1.4% and 2%, respectively. Wipro was down 0.5%.

Among metals stocks, Tata Steel and Jindal Steel tanked 2-3% while Hindalco and Sterlite Industries were down over 0.5%.

At 11:51 hours IST: Volatile Sensex recovers as June inflation eases; SBI gains

The BSE Sensex and NSE Nifty recovered from day's low after lower than expected inflation for June, but remained in a tight range. According to Central Statistics Office, inflation for June declined to 7.25% as against 7.55% in May. CNBC-TV18 poll had expected at 7.61%. Inflation for April has been revised to 7.5% as against 7.23% (provisional).

The BSE benchmark gained 26.54 points at 17,240 and the NSE benchmark rose 8 points to 5,235.30. Even the Indian rupee recovered to 54.88 from 54.98 against the US dollar during the day. It was up by 26
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