MARKET EYE-Indian shares down; defensives gain
* 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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The Nifty will stay in a broad band of 7,800-8,200 with an immediate resistance at around 8,050 levels. One should look to selectively accumulate in sectors such as infrastructure, capital goods, cement, power and metals. The outperforming sectors such as pharma, IT and auto ancillaries could take a breather due to international headwinds, writes Ambareesh Baliga. Full Article
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