Mumbai: A bout of profit booking kicked in for the market after stellar rally of 3.5 per cent in one week. The Nifty was trading flat after hitting a high of 5865 in early morning trade. December month had provided hefty gains for investors in the past. Analysts are of the view that Nifty may touch 6000 in December series.
Global cues were also supportive for the market. Asian markets were trading firm. European markets are expected to open flat. Gross domestic product (GDP) has slowed down to 5.3 per cent in the July- September versus 5.5 per cent in last quarter and 6.7 per cent in corresponding quarter last fiscal. It is in-line with CNBC-TV18 poll.
FMCG, auto and realty stocks were on seller's radar. Selective buying was seen in metal, oil & gas and power stocks. Tata Motors, Bharti Airtel, Bajaj Auto saw profit booking in trade today. ONGC, Jindal Steel and HDFC witnessed buying interest.
Buzzing stocks
Bharti Infratel Ltd, the telecommunications tower unit of top Indian phone carrier Bharti Airtel Ltd, has set a price band of Rs 210 to Rs 240 a share for its initial public offering, the firm said on Friday.
The issue, which will open on December 10 for cornerstone investors and close on December 14, will raise about Rs 45.34 billion at the upper end of the price band.
Extending gains for the second consecutive day, shares of multiplex major PVR soared by over 10 per cent after the company entered into an agreement with Cinemax India to acquire up to 95.27 per cent stake in the company for Rs 543 crore.
Indian generic drugmaker Ranbaxy Laboratories will stop manufacturing its version of Pfizer Inc's cholesterol fighter, Lipitor, while it gets to the bottom of the cause of a recent recall, the US Food and Drug Administration (FDA) said on its website.
Rupee, Bond steady after Q2 GDP
The rupee strengthened by 36 paise to 54.48 against the US dollar in early trade on Friday at the Interbank Foreign Exchange on selling of American currency by exporters and banks. Besides, a higher opening in the domestic equity market and strengthening of the euro against the dollar overseas supported the rupee, dealers said.
The 10-year bond yield was at 8.17 per cent, unchanged after the data. It was down 4 basis points after the central bank announced open market operations.
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