Analysts say that the Nifty is likely to remain rangebound within 9,000 to 9250.
Indian stock markets reversed their intraday gains to end lower on Friday. The Sensex ended 57 points lower at 29,365 while Nifty slipped 17 points to settle at 9,119. HDFC Bank, Bharti Infratel and Reliance Industries advanced between 2-3 per cent to provide support at lower levels. On the other hand, Wipro, ITC, Sun Pharma and Bank of Baroda were major losers in the Nifty50 pack. Analysts say that the Nifty is likely to remain rangebound within 9,000 to 9250 for some time. A breach below 9,000 could accelerate selling pressure, they say.
The broader markets continued to witness strong action with BSE midcap index ending flat and smallcap index rising 0.25 per cent. HDFC Bank Ltd rose as much as 2.52 per cent to a record high after reporting a slightly better-than-expected 18.3 per cent rise in quarterly profit.
Elsewhere, in other global markets, Asian stocks advanced after overnight rally on Wall Street. However, European markets remained edgy.