Sensex, Nifty recover amid choppy trade; ICICI Bank, Axis slip

Equity benchmarks continued to be choppy in afternoon trade, tracking mixed global cues. Asian markets closed higher while European markets were trading lower after soggy China data.

The 30-share BSE Sensex declined 20.51 points to 25469.06 and the 50-share NSE Nifty slipped 9.35 points to 7805.55. The market breadth remained weak as about 1243 shares declined against 1165 advancing shares on Bombay Stock Exchange.

SBI plunged 4.5 percent after disappointing set of earnings by Bank of Baroda. Rising WPI inflation in April indicated that RBI may hold rates in forthcoming policy meet.

ICICI Bank, Axis Bank, L&T, Bharti Airtel, Adani Ports, Hero Motocorp and ONGC were down 1-3 percent while ITC, Infosys, TCS, Dr Reddy’s Labs and Asian Paints gained 1-3 percent.

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Posted in: Indian Market Tips