Sensex, Nifty consolidate; IT stocks weak, banks & auto gain

Equity benchmarks continued to consolidate in afternoon trade, with the Sensex hovering around 31,200 level.

The 30-share BSE Sensex was down 9.15 points at 31,200.64 while the 50-share NSE Nifty rose 8.40 points to 9,621.70.

About 1,506 shares advanced against 935 declining shares on the BSE.

Reliance Industries, M&M, Asian Paints and Tata Motors continued to rally, up 1-2 percent. Banks stocks like Axis Bank, HDFC Bank, SBI, ICICI Bank were up 0.3-1 percent.

However, the correction in ITC, HDFC, Infosys, TCS, Wipro and Bharti Airtel capped gains.

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Posted in: Indian Market Tips