Nifty consolidates post 4 day winning streak

The benchmark Nifty started the day with a consolidation mode, after gains in previous four days. Asian markets were also lacklustre in trade. Auto, technology and select financials were under pressure.

At 9:02 hours IST, the Nifty was trading at 5189, down 8 points and the Sensex was at 17306, down 31 points.

The CNX Midcap fell 6 points to 7947. About 367 shares advanced while 301 shares declined on NSE.

Among the frontliners, TCS, Bharti Airtel, ICICI Bank, Axis Bank, DLF, Jaiprakash Associates, Idea Cellular, Unitech, Hindalco and BPCL were witnessing selling pressure.

However, Reliance Communications gained 3%, as the company will demerge Reliance Infratel, a tower business.

Among other ADAG stocks, Reliance Power and Reliance Capital also went up.

However, HDFC, ITC and HCL Tech were gainers.

Midcap & Smallcap space:

Bajaj Hindusthan gained 3% as the company will consider merger of its arm Bajaj Hindusthan and Industries.

Shree Renuka Sugars and Balrampur Chini gained 2%. Govt has approved Rs 4/kg hike in levy sugar price paid to mills, reports CNBC-TV18.

Duncans rose 5%, as there were reports that JP Associates will buy out company's closed fertilizer unit.

Balaji Telefilms shot up 10%; Star India has revived plans to sell 26% stake in the company. Reliance Big Entertainment was seen as front-runner to buy stake.

GTL Infrastructure was up 3.5%, as Reliance Infratel & company were in talks for possible deal.

Reliance Industrial Infrastructure also gained.

However, Mahindra Satyam was down 2%. CLB allowed the company to publish Q1 results by September 2010.

Source: http://www.moneycontrol.com/news/local-markets/nifty-consolidates-post-4-day-winning-streak_464126.html

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