Nifty, Midcap consolidate; Tata Motors down, Escorts most active

Equity benchmarks as well as broader markets remained choppy in noon trade as investors not only in India but also globally are cautious ahead of UK referendum that will be held on June 23.

The Sensex declined 1.88 points to 26810.90 and the Nifty fell 5.25 points to 8214.65. The market breadth turned negative as about 1195 shares declined against 1007 advancing shares on Bombay Stock Exchange.

Dr Reddy’s Labs gained more than 2 percent. CLSA is betting big on the stock and sees it as a double bagger in three years. The brokerage firm expects the stock to re-rate as earnings growth recovers, niche products are introduced in the USA and FDA issues are resolved.

Tata Motors and Tata Motors (DVR) topped selling list on Nifty, down over 2 percent.

Escorts, Force Motors, Tata Metaliks, Vakrangee, Arvind, Tata Motors, SBI and Axis Bank were most active shares on exchanges.

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Posted in: Indian Market Tips