Sensex edges up; trades dull on lack of triggers

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 percent 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 percent at 9,785.35 as of 0609 GMT, while the benchmark Sensex was 0.24 percent higher at 31,334.8.

Shares of Infosys Ltd extended losses to a third session, falling as much as 1.53 percent, after Vishal Sikka resigned as chief executive officer on Friday. The stock has lost 14.4 percent since Sikka’s resignation up to Monday’s close.

HCL Infosystems Ltd rose 18.1 percent after signing an agreement with Apple India Pvt Ltd for distribution of iPhones and other Apple products in India.

Energy stocks gained with Indian Oil Corp up 3.2 percent and Oil and Natural Gas Corp rising 1.6 percent.

Auto stocks were among the decliners, with Hero MotoCorp Ltd falling as much as 1.7 percent.