Nifty holds 8,850 amid choppy trades; Axis Bank drops 4%

3d green arrow up in business graph

Benchmark indices continue to trade in a narrow range with negative bias amid weakness among index heavyweight shares. However, the downside is limited due to buying demand among Reliance Industries and HDFC.

At 11:00 am, the S&P BSE Sensex slipped 29 points at 28,744 and the Nifty50 dipped 7 points to trade at 8,861. Among broader markets, BSE Midcap and Smallcap indices are up 0.4% each.

Top losers from the Sensex pack are Axis Bank, Lupin, ICICI Bank, Tata Motors and Infosys, all down between 1%-4.5%. Axis Bank was down over 4% on speculation of SUUTI stake sale in the bank.

On the gaining side, TCS, Reliance Inds, Bajaj Auto, Bharti Airtel and HDFC are up almost 1%.

L&T Technology Services opened at Rs 920 on the National Stock Exchange (NSE) today, against an issue price of Rs 860 per share, at a premium of around 7%.

Morepen Laboratories rose 6% to Rs 26.25 on the BSE on reports that the company may sell its over-the-counter brands to focus on active pharmaceutical ingredient and home diagnostics business as growth drivers.

Shares of Majesco are up nearly 3% to Rs 484 on the BSE after the company announced that it has entered into an agreement with Glemham, a UK based managing general agent, to create a new cloud based bureau processing business.

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