MUMBAI (Commodity Online): Indian stock markets recovered all of yesterday's losses mainly tracking strong global cues. Power, Technology and Metal stocks were the major stocks to lift market.
Nifty is currently trading in a range and breakout is upside breakout is expected from the current range of 5320-5435 which may lead Nifty to the level of 5650.
The S&P CNX Nifty today opened at 5344, Nifty made high of 5397 and low of 5325 and after trading volatile settled at 5368 up by 33 points.
Bharti Airtel reported 22% fall in Q3 net profit, its eighth straight quarter of declining profits. Its consolidated net profit in Q3 FY12 fell to Rs. 10.11bn from Rs. 13.03bn in the same period a year earlier. Shares of Bharti Airtel settled at 354 down by 6.53% as the company's Q3 FY12 results fell short of market estimates.
The European markets are trading strong. The FTSE index is up by 10 points, DAX index is up by 55 points and CAC index is up by 16 points.
The market breadth, indicating the health of the market was positive. On NSE, 522 shares advanced while 934 shares declined. Total of 59 shares remained unchanged.
Out of 50-share S&P CNX Nifty pack, 16 scrips advanced while 34 scrips declined. Relinfra was up by 7.59%, Hindalco was up by 5.4% and JP Associate was up by 4.1% were the top gainers from the Nifty pack.
Bharti Airtel was down by 6.81%, ICICI Bank was down by 2.06% and ONGC was down by 1.15% were the top losers from the Nifty pack.
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