Sensex, Nifty fall in early trade; Idea Cellular soars on Q4 earnings - NDTV

New Delhi: The markets opened in the red after closing at a six-week high on Thursday as trader sentiment remained muted. At 9.16 am, the 30-share BSE Sensex traded at  19,358.92, down 47.93 points, or 0.25 per cent, and the broader 50-share NSE Nifty was  at 5,900.10, down 16.20 points or 0.27 per cent. Gaurang Shah, assistant vice president at Geojit BNP Paribas Financial Services, said  5945-5950 is the upper end of Nifty, and profit booking may be seen at the higher end of the range. Idea Cellular rose more than 7 per cent after the company announced better than expected quarterly results after market hours on Thursday. Net profits at the Aditya Birla group company rose 30 per cent year on year to Rs. 310 crore in the fiscal fourth quarter ended March 31, 2013. It was the fourth consecutive quarter of earnings growth for the country's No.3 mobile carrier by revenue. The Jet Airways stock, which rose as much as 20 per cent after the airline announced its decision to sell a minority stake to Abu Dhabi-based Etihad Airways for Rs 2,060 crore, corrected today falling 2.03 per cent. Maruti Suzuki was 0.40 per cent down ahead of its fourth quarter results announcement today. India's largest carmaker is expected to report a 13.1 per cent year on year increase in net profit at Rs 722.75 crore. Sales are expected to rise 5.7 per cent to Rs 12,402.50 crore. The company said on Wednesday that it will consider amalgamating seven wholly-owned subsidiaries with itself at its upcoming board meeting. Gautam Chhaochharia of UBS said he remains positive on the equity markets on his expectations of continued government efforts to revive the economy.  "Recovery will likely be fragile, but we expect Nifty to trade between 5,500 and 6,400," he added. Asian shares steadied on Friday, tracking global equities higher after upbeat US labour market data, with investors turning their attention toward corporate earnings to assess the outlook for growth after a recent run of soft global data undermined sentiment. Overnight, Wall Street rose on Thursday, lifted by stronger-than-expected earnings and a large drop in weekly jobless claims. The S&P 500, up for five straight sessions, traded within a point of its record closing high before shedding about half of the day's gains. With inputs from Reuters via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFPatgQih0tpKpb-On47_YqDStqew&url=http://profit.ndtv.com/news/market/article-sensex-nifty-fall-in-early-trade-idea-cellular-soars-on-q4-earnings-321430

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