Nifty up 9 points in listless trade; GlaxoSmithKline shines

Besides heavyweights, FMCG, technology, infra and metal space witnessed strong buying momentum, while auto, oil & gas and financials saw good amount of selling pressure.

However, the broader market largely outperformed the benchmark index. After a positive start, the index traded in a tight band in the absence of any direction and subdued global cues. But a lot of actions were seen in second line counters.

The market gradually gave away its entire early gains and slipped in the negative terrain in mid-afternoon for a brief period before rebounding to settle marginally higher.

Asian financial markets moved sideways ahead of a key eurozone Finance Ministers' meet where they may reach an agreement to disburse crucial aid for Greece.

Market participants remained cautious due to the ongoing political logjam over some key reforms and it is likely to see high volatility ahead of the F&O (futures & options) expiry on Thursday, traders said.

GlaxoSmithKline Consumer Healthcare spurted after its UK-based parent announced an open offer to hike stake in its Indian arm to 75 per cent from 43.16 per cent. Its share rose 20 per cent to end at Rs 3,659.20. GlaxoSmithKline Pharmaceuticals was also up.

The aviation sector shares attracted heavy buying interest on the back of potential stake sales.

The 50-issue Nifty moved in a narrow range of 5,649.20 and 5,623.45 before finishing at 5,635.90, a modest gain of 9.30 points, or 0.17 per cent, over the previous close.

IDFC, Wipro, Bharti Airtel, Tata Steel, Hindalco, Sesa Goa, Infosys, Dr Reddy's, HUL and L&T were top Nifty gainers. Key laggards included M&M, BPCL, BHEL, HDFC Bank, Sun Pharma, Ambuja Cement, Jindal Steel, Bank of Baroda and Gail.

The turnover in cash segment rose to Rs 9,476.99 crore from 8,684.22 crore last Friday. Overall, 6,196.34 lakh shares changed hands in 50,78,956 trades. Total market capitalisation stood at Rs 63,81,862 crore.