* The BSE index down 0.16 percent and the NSE index down 0.27 percent. * Larsen & Toubro shares fall 1.5 percent. Citigroup and Barclays downgraded the engineering conglomerate on concerns over order cancellations and weak investment cycle. * Traders say market is consolidating and likely to remain in a narrow range until outcome of industrial output and Infosys earnings due on Friday. * Infosys down 1.9 percent on caution ahead of earnings. * However, defensive stocks up: Index heavyweight ITC Ltd (RIC) gains 2 percent after falling 3.9 percent last month and 2.7 percent so far in January. The cigarette maker surged 42.47 percent last year. * Cipla gains 1.4 percent while Dr Reddy's Laboratories up 1 percent.
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With the Nifty breaching 8,500, sentiments are again bullish. But markets have been in the 8,200-8,600 range for some time and stocks across the board do not give the required confidence except for the liquidity factor. Many frontline stocks are not participating on the upside and the core sector is in a downtrend, writes Ambareesh Baliga. Column