Markets turn rangebound; Sun Pharma, TCS top gainers

Benchmark indices have recovered and trading in a narrow range with positive bias led by IT shares.

At 10:20AM, the 30-share Sensex was up 33 points at 25,405 and the 50-share Nifty was up 9 points at 7,577.

Main gainers on the Sensex are Sun Pharma, Cipla, TCS, Dr Reddy’s Labs and Infosys

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Updated at 9:55

Markets have erased early gains and have slipped into negative zone weighed down by profit booking in Infosys at higher levels and selling pressure in financials and metal shares.

At 9:55AM, the 30-share Sensex was down 27 points at 25,338 and the 50-share Nifty was down 5  points at 7,563.

The main losers on the Sensex are GAIL, M&M, HDFC, SBI, Sesa Sterlite and Hindalco.


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Updated at 9:35


Markets were trading with marginal gains on Friday led by Infosys after the IT major's first quarter numbers were in-line with expectations.

At 9:32AM, the 30-share Sensex was up 108 points at 25,481 and the 50-share Nifty was up 34  points at 7,601.

ASian shares were trading flat as overnight losses on Wall Street dampened sentiment. The Shanghai Composite was up 0.3%, Hang Seng gained 0.1%. Japanese shares were trading firm with the benchmark Nikkei slipped 0.3% and Straits Times was up 0.4%.

Infosys trimmed some of the early gains and was up nearly 3%, after rising 10% in pre-opening trades.
IT major Infosys today reported a consolidated net profit of Rs 2,886 crore compared to Rs 2,992 crore sequentially, a decrease of 3.6%. On a y-o-y basis, the company posted a 21.6% increase in its net profit. The consolidated revenue came in at Rs 12,770 crore compared to Rs 12,875 q-o-q.

Among other IT shares, TCS and Wipro was up over 1.5% each.

Other Sensex gainers include Tata Motors, ITC, L&T and Hero MotoCorp

Financial shares were trading lower on profit taking. HDFC, ICICI Bank, HDFC Bank and SBI were trading 0.5-2% lower.

Index heavyweight Reliance Industries was down 0.4%.

In the broader market, BSE Mid-cap and Small-cap indices were up 0.5% each.

Market breadth was strong with 819 gainers and 363 losers on the BSE.