Markets lose steam after a strong opening
Indian Stock markets opened strong on Thursday. Real Estate, Technology and Banking Stocks were trading strong during the early trading session. Today is April series derivative contracts expiry, so we may witness selling pressure towards the end of trading session. Investors may roll-over their positions to next month as markets are looking stable and are forming a trading zone.
Technology Stocks were also trading strong this morning. Satyam Computers was trading up by 2.3%. Infosys Technologies and Wipro were higher by more than 1 percent. Polaris Software announced a decline in net profit. The stock was down by 5.2% and touched an intraday low of Rs 93 on NSE. Major Technology companies announced better-than-expected results for the past quarter.
Omaxe was trading at Rs 240 with a gain of 3.5%, followed by Unitech and DLF.
Power stocks were trading strong as well. Reliance Power, Torrent Power and Tata Power were trading higher compared to previous close. Sun Pharma was down by 1.5%. The stock touched a 52-week high yesterday.
NSE Nifty was marginally up by 6 points at 11.50 a.m. IST. NSE Nifty touched an intraday high of 5072. BSE Sensex was up by 37 points at 16,735.