Sensex choppy for 7th day; RIL, ICICI Bank weigh

Indian stock markets were flat and choppy tracking weak global cues on Friday. Sell off in blue chips like Reliance Industries and ICICI Bank also weighed on the investors.

The Sensex traded 6 points higher at 19,586 while the broader Nifty dipped 1 point to 5,938 as of 09.45 a.m.

The Sensex has closed lower for six days, the longest losing streak in the last 15-months. However, analysts hope markets would breakout post the churn.

"It seems that markets are trying to tire out everyone... Markets may correct closer to 5,800-5,900, but that would be an opportunity to buy and in place of a pre-Budget rally we could have a post Budget rally," Ambareesh Baliga, market analyst said.

Sarvendra Srivastava, who tracks technicals closely, said buying support may come around 5,930-5,940.

"The next few sessions are crucial. Preferred stance remains bullish and targets of 6,350-6,400 are still possible," Mr Srivastava said.

26 stocks traded higher on the Nifty led by Tata Motors and IT major TCS. Tata Motors gained 1.5 per cent after brokerage CLSA retained its "buy" call on the stock with a target price of Rs 385.

"Jaguar Land Rover product transformation will gain pace over FY13-17... Further success in China will drive market-share gains," CLSA said.

Utility vehicles major M&M gained 1 per cent ahead of reporting quarterly earnings. Drug maker Sun Pharma also advanced ahead of reporting numbers.

Cement makers - Ambuja and ACC- declined on weak numbers. Ambuja Cements traded 3 per cent lower, the most on the Nifty. (Read full story)

Drug maker Cipla extended losses after Q3 margins were weaker than expected.

Shares in Indiabulls Financial Services slumped as much as 7.2 per cent after 21.9 million shares changed hands at an average price of around Rs 284.03 in more than a dozen block deals on both National Stock Exchange and BSE. (Read full story)

(With inputs from Reuters)