Equity benchmarks continued to consolidate in morning after last week's 3.5 percent rally on the Nifty and ahead of Union Budget scheduled to be presented on February 1. The 30-share BSE Sensex was down 9.60 points at 27872.86 and the 50-share NSE Nifty fell 7.75 points to 8633.50.
Telecom operator Bharti Airtel (up 4.6 percent) and Idea Cellular (up 7.6 percent) were top gainers among Nifty stocks. Reports suggest that Vodafone and Idea Cellular may consider merger.
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Sun Pharma gained 2 percent after subsidiary Ranbaxy Labs has received approval from US FDA for Triamcinolone Acetonide spray that is used to relieve skin inflammation, itching. L&T rose 1 percent despite the company lowered full year revenue growth and order inflow guidance to 10 percent each from 12-15 percent and 15 percent, respectively.
The rally may indicate that the stock already priced in impact of demonetisation and also created bottom for itself. Tata Motors, HDFC Bank, TCS, Infosys, SBI, Wipro and Tata Steel were under pressure. HDFC was moderately lower ahead of earnings due in afternoon. A CNBC-TV18 poll expects profit growth of 10.6 percent in Q3.
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