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Overall it was a consolidation day for the market that has been in a tight range of 7600-8000 for more than a month. Nifty started off the May series on a flat note after more than a percent upside in previous series, shrugging off weak global cues. The Sensex rose 3.52 points to close at 25606 after trading in a 300 point range. The Nifty touched an intraday low of 7788 before closing up 2.55 points at 7849. Experts believe the current consolidation could be an indication of further rally in near term. They expect the Nifty could cross 8000 level soon, citing improving fundamentals and stable commodities. Idea Cellular plunged 6.5% after showing a 24.7 percent sequential degrowth in Q4 profit.
Shares of infrastructure major Hindustan Construction Company fell by 4.5 % after it reported an over 7 per cent decline in stand-alone net profit for the March quarter. Reacting to the numbers, the stock plunged 4.54 per cent to Rs 21 on BSE. The rupee had earlier recovered by 7 paise to 66.45 against the US dollar in early trade on fresh selling of the American currency by exporters amid sustained foreign fund inflows. However, it is now down 6 paise at 66.45 against US dollar. Ajanta Pharma also declined 1.5 percent after its March quarter operating profit margin disappointed the street. State Bank of Bikaner and Jaipur dropped 2.5 %as profit in Q4 fell 31 percent due to higher provisioning while Marico and Force Motors gained nearly 3 percent, reacting to better-than-expected earnings. Poor March quarter earnings from ICICI Bank -1.48 % and weak global cues spooked Dalal Street on Friday, causing the equity benchmarks to close flat. Elsewhere in Asia, China's Shanghai Composite ended 0.25 % down while Hong Kong's Hang Seng lost 1.50 %. The Japanese market was shut for the day on account of a holiday.