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MUMBAI: Indian markets ended lackluster session on a negative note as disappointing quarterly earnings from index heavy-weights Reliance Industries kept indices under check. Reports of oil ministry's order to Reliance Industries stop gas supply from KG-D6 basin to non-core users also hurt sentiments.
National Stock Exchange's Nifty ended at 5874.50, down 10.20 points or 0.17 per cent. The broader index touched a high of 5906.60 and low of 5857 intraday.
Bombay Stock Exchange's Sensex closed at 19584.31, down 17.92 points or 0.09 per cent. The 30-share index hit a high of 19697.49 and low of 19531.34 in today's trade.
"Markets presently are stuck in the range of 19000 / 5700 on the downside and 19811 / 5944 on the upside. However, in view of the current price action, positively poised indicators, viz. RSI, stochastic and ADX and the rising short- term averages on the daily chart, suggest high probability of the upside momentum. We maintain our view that any close above 19811 / 5944 levels would lead the indices to test 20210 - 20530 / 6051 - 6150 levels. On the other hand, on the downside, indices have support at 19345 - 19170 / 5800 - 5760 levels," said Angel Broking note.
BSE Midcap Index was up 0.09 per cent and BSE Smallcap Index moved 0.24 per cent higher.
Amongst the sectoral indices, BSE Oil&gas Index was down 1.75 per cent, BSE Realty Index fell 1.18 per cent and BSE Bankex was down 0.05 per cent. BSE IT Index was up 0.83 per cent, BSE Capital Goods Index gained 0.47 per cent and BSE Metal Index advanced 0.34 per cent.
Axis Bank (-4.83%), Reliance Industries (-3.04%), DLF (-2.53%), SAIL (-2.52%) and Reliance Communications (-1.93%) were the top Nifty losers.
Reliance Industries reported standalone net profit Rs 5376 crores for the quarter ended March against Rs 4710 crores in the same quarter a year ago. Net sales grew to Rs 72674 crores as compared to Rs 57570 crores previous fiscal.
On KG-DG front, citing the May, 2010, Supreme Court ruling that upheld the government's right to frame gas utilisation policy, the oil ministry last week wrote to Reliance directing it to first supply natural gas from its KG-D6 fields to priority sectors like fertiliser and power.
Axis Bank reported net profit of Rs 1020 crores for quarter ended March 2011 as compared to Rs 765 crores in the same quarter a year ago. Net interest income grew at 31 per cent and net interest margin was at 3.67 per cent during FY11.
"Axis Bank registered healthy 33.4% yoy growth in its net profit, in line with our estimates. However, NII was lower than estimated due to a sharp
37bp qoq decline in reported NIM, which was offset by stronger other income led primarily by fee income," said Angel Broking report.
The brokerage has maintained 'Buy' recommendation on the stock.
HCL Tech (4.15%), Sterlite Industries (2.82%), Ambuja Cement (1.90%), SBI (1.89%) and Kotak Bank (1.78%) were the major gainers.
Sterlite Industries posted net profit of Rs 283.03 crores for the quarter ended March as compared to Rs 507.10 crores in the same quarter a year ago. Total income increased to Rs 5089.49 crores from Rs 3977.32 crores.
Market breadth was negative on the NSE with 1389 gainers against 1574 losers.
National Stock Exchange's Nifty ended at 5874.50, down 10.20 points or 0.17 per cent. The broader index touched a high of 5906.60 and low of 5857 intraday.
Bombay Stock Exchange's Sensex closed at 19584.31, down 17.92 points or 0.09 per cent. The 30-share index hit a high of 19697.49 and low of 19531.34 in today's trade.
"Markets presently are stuck in the range of 19000 / 5700 on the downside and 19811 / 5944 on the upside. However, in view of the current price action, positively poised indicators, viz. RSI, stochastic and ADX and the rising short- term averages on the daily chart, suggest high probability of the upside momentum. We maintain our view that any close above 19811 / 5944 levels would lead the indices to test 20210 - 20530 / 6051 - 6150 levels. On the other hand, on the downside, indices have support at 19345 - 19170 / 5800 - 5760 levels," said Angel Broking note.
BSE Midcap Index was up 0.09 per cent and BSE Smallcap Index moved 0.24 per cent higher.
Amongst the sectoral indices, BSE Oil&gas Index was down 1.75 per cent, BSE Realty Index fell 1.18 per cent and BSE Bankex was down 0.05 per cent. BSE IT Index was up 0.83 per cent, BSE Capital Goods Index gained 0.47 per cent and BSE Metal Index advanced 0.34 per cent.
Axis Bank (-4.83%), Reliance Industries (-3.04%), DLF (-2.53%), SAIL (-2.52%) and Reliance Communications (-1.93%) were the top Nifty losers.
Reliance Industries reported standalone net profit Rs 5376 crores for the quarter ended March against Rs 4710 crores in the same quarter a year ago. Net sales grew to Rs 72674 crores as compared to Rs 57570 crores previous fiscal.
On KG-DG front, citing the May, 2010, Supreme Court ruling that upheld the government's right to frame gas utilisation policy, the oil ministry last week wrote to Reliance directing it to first supply natural gas from its KG-D6 fields to priority sectors like fertiliser and power.
Axis Bank reported net profit of Rs 1020 crores for quarter ended March 2011 as compared to Rs 765 crores in the same quarter a year ago. Net interest income grew at 31 per cent and net interest margin was at 3.67 per cent during FY11.
"Axis Bank registered healthy 33.4% yoy growth in its net profit, in line with our estimates. However, NII was lower than estimated due to a sharp
37bp qoq decline in reported NIM, which was offset by stronger other income led primarily by fee income," said Angel Broking report.
The brokerage has maintained 'Buy' recommendation on the stock.
HCL Tech (4.15%), Sterlite Industries (2.82%), Ambuja Cement (1.90%), SBI (1.89%) and Kotak Bank (1.78%) were the major gainers.
Sterlite Industries posted net profit of Rs 283.03 crores for the quarter ended March as compared to Rs 507.10 crores in the same quarter a year ago. Total income increased to Rs 5089.49 crores from Rs 3977.32 crores.
Market breadth was negative on the NSE with 1389 gainers against 1574 losers.
