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Markets flat. Tech stocks down

The markets have seen moderate trades in the red for the early session. Traders have been profit booking after the rally seen yesterday which took the index 285 points higher. The indices are moving around yesterday’s closing value. Tech stocks have seen the brunt. Stocks like TCS and Infosys were down nearly 1%.

The BSE Sensex was up 7 points at 17,609.02 while the NSE Nifty fell 1 point to 5,363.80. Asian markets too were quiet.

Among frontliners, JSPL (down 4%), Power Grid, Infosys, L&T, TCS, HDFC Bank, Tata Steel, Bharti, Maruti, Cipla and Bajaj Auto were under pressure.
However, PNB, Axis Bank, Sun Pharma, ACC, Ambuja Cements, ITC, Tata Motors, SBI, ICICI Bank, ONGC, Hero Motocorp, BHEL, Hindalco, HUL and BPCL were trading higher.
The CNX Midcap Index was flat while the market breadth was neutral.
In the second line shares, Muthoot Finance plunged 18% and Manappuram Finance crashed 14% after the Reserve Bank of India tightened norms for gold loan NBFCs.
GMR Infrastructure and Indiabulls Real dropped 1-2% on profit booking.
Mahindra Satyam and Tech Mahindra were seeing mild profit booking after a rally in previous two sessions on merger news.
However, 3i Infotech gained 6% post CDR Empowered Group approved CDR proposal. The stock had rallied more than 10% yesterday.
Zee Entertainment rose 3%. Essar Ports, Arvind and Liberty Shoes were up 1-2%. Inox Leisure has shot up 4%.



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