Markets flip-flop; RCom gains over 5%

Markets flip-flop; RCom gains over 5%
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First Published: Fri, Jan 15 2010. 11 25 AM IST
Updated: Fri, Jan 15 2010. 11 25 AM IST
Mumbai: Indian shares were little changed in seesaw trade on Friday morning, amid mixed cues from Asian markets, with telecom companies leading the gainers, while Infosys Technologies led the fallers.
Reliance Communications rose as much as 5.8% to Rs193.35, after the telecoms major got regulatory nod for its planned initial public offering of its tower unit.
“Reliance Infratel has the second-largest tower business in the country. So, unlocking value in it is definitely a positive development,” said Harit Shah, research analyst at Karvy Stock Broking.
The stock was trading 4.4% higher at Rs190.75, while bigger rival Bharti Airtel climbed 0.1% to Rs319.25.
By 11:18am, the 30-share BSE Index was trading down 0.04% at 17,577.06 points, with 14 of its components declining. The 50-share NSE index was down 0.04% at 5,258.
“The market is just taking cues from company-specific news flow and results. There is no immediate macro trigger to pull it in any direction,” Daljeet Kohli, head of research for private client group at Emkay Global.
IT bellwether Infosys Technologies shed 0.9% to Rs2,666, after it gained 9.1% in the previous four sessions.
Sector leader Tata Consultancy gained 1.2% to Rs791.30, ahead of its quarterly results which are due after market hours.
Tata Consultancy is expected to report that its net profit rose 18.6% in the December quarter, a Reuters poll showed last Friday.
ONGC shed 1.2% to 1,216.15, after it gained 3.2% in the two previous sessions.
In the broader market, gainers outpaced losers in a ratio of 1.3:1 in a volume of 199 million shares.
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First Published: Fri, Jan 15 2010. 11 25 AM IST
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