Market Trends: Indian stock markets failed to maintain initial gains and was quoted slightly lower in the morning trade on mild selling pressure mainly in consumer durables,IT and tech counters. Here are the top trends in the market today:
1. Market retreats from 3-yr high: BSE Sensex is nearly flat on profit-taking after earlier touching its highest intra-day level since November 2010,while the broader NSE Nifty index is up 0.1 per cent after hitting its highest since May 2013.
4. Housing Development Finance Corporation Ltd (HDFC) is down 1.7 per cent ahead of its July-September results later in the day.
5. UltraTech Cement Ltd recovers from early falls and is up 0.3 per cent. The stock falls as much as 4.6 percent in early trade after the country’s largest cement maker posted a 52 per cent fall in net profit for the July-September quarter.
8. JP Morgan assumes coverage of Cairn India Ltd with an “overweight” rating and a target price of Rs 400 rupees
9. Foreign institutional investors (FIIs) bought Indian cash shares worth Rs 17.52 billion ($286.1 million) on Friday,marking their biggest single-day buying in over a month. (With agency inputs)