ReutersNEW DELHI: A lack of directional cues sent Dalal Street indices in a tight range on Friday morning, with investors opting to stay sideways after recent gains.
Asian markets were mixed despite gains in US stocks overnight. A fall in oil prices was welcome but the hike in fuel prices at home, a third time this week, hurt the sentiment.
At 9.40 am, the BSE Sensex was ruling at 57,477.77, down 118 points or 0.20 per cent. The NSE Nifty stood at 17,197, down 25 points or 0.15 per cent.
"The 17,000-17500 range for Nifty50 is likely to hold for the near term with a breakout likely in early April triggered by positive earnings season. The bullish undertone of the market is evident from the fact that in spite of lots of unfavourable developments, Nifty is up by 2.5 per cent in March so far and India is outperforming most of the markets," said Vijayakumar of Geojit Financial Services.
A hawkish Fed, spiking crude and uncertainties associated with the war haven't diminished the enthusiasm of the bulls, Vijayakumar added.
In Sensex pack, Titan Company fell 2.49 per cent to Rs 2,553 and was the worst performer. Maruti Suzuki declined 1.47 per cent to Rs 7,443.40. Tech Mahindra, Asian Paints, Infosys, Nestle India and HDFC Bank dropped up to 1.45 per cent.
Tata Steel, Bharti Airtel, SBI, Kotak Mahindra Bank and M&M rose up to 0.9 per cent.
Asian markets were mixed despite gains in US stocks overnight. A fall in oil prices was welcome but the hike in fuel prices at home, a third time this week, hurt the sentiment.
At 9.40 am, the BSE Sensex was ruling at 57,477.77, down 118 points or 0.20 per cent. The NSE Nifty stood at 17,197, down 25 points or 0.15 per cent.
"The 17,000-17500 range for Nifty50 is likely to hold for the near term with a breakout likely in early April triggered by positive earnings season. The bullish undertone of the market is evident from the fact that in spite of lots of unfavourable developments, Nifty is up by 2.5 per cent in March so far and India is outperforming most of the markets," said Vijayakumar of Geojit Financial Services.
A hawkish Fed, spiking crude and uncertainties associated with the war haven't diminished the enthusiasm of the bulls, Vijayakumar added.
In Sensex pack, Titan Company fell 2.49 per cent to Rs 2,553 and was the worst performer. Maruti Suzuki declined 1.47 per cent to Rs 7,443.40. Tech Mahindra, Asian Paints, Infosys, Nestle India and HDFC Bank dropped up to 1.45 per cent.
Tata Steel, Bharti Airtel, SBI, Kotak Mahindra Bank and M&M rose up to 0.9 per cent.
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