MARKET EYE-Indian shares down; defensives gain

Tue Jan 8, 2013 1:56pm IST

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Stocks

   

* 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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