Sensex edges up, trades dull on lack of triggers
A broker reacts while trading during the presentation of India's federal budget, at a stock brokerage in Mumbai February 26, 2010. Photograph: (Reuters)
Indian shares edged up in lacklustre trade on Tuesday, but markets remained range-bound as investors kept to the sidelines in the absence of clear triggers.
Shares erased early gains even though some amount of buying was seen across sectors. The broader NSE Nifty rose as much as 0.76 per cent in early trade.
"The markets are in a consolidation phase now after disappointing Q1 results," said Siddharth Sedani, head and vice president, equity advisory at Anand Rathi.
"In the short-term, I see markets range-bound between 9,600-10,000 and change is unlikely unless there are strong geo-political triggers."
The Nifty was up 0.32 per cent at 9,785.35 as of 0609 GMT, while the benchmark Sensex was 0.24 per cent higher at 31,334.8.
Shares of Infosys extended losses to a third session, falling as much as 1.53 per cent, after Vishal Sikka resigned as chief executive officer on Friday. The stock has lost 14.4 per cent since Sikka's resignation up to Monday's close.
HCL Infosystems rose 18.1 per cent after signing an agreement with Apple India for distribution of iPhones and other Apple products in India.
Energy stocks gained with Indian Oil up 3.2 per cent and Oil and Natural Gas Corp rising 1.6 per cent.
Auto stocks were among the decliners, with Hero MotoCorp falling as much as 1.7 per cent.