Markets ended a lacklustre session in the red on back of subdued Asian markets and mixed bag of earnings.After opening at 6303 today, the Nifty had been stuck in a tight range of 39 points, and it closed at 6276 -- down 26 points.
The Sensex fell 57 points and ended at 20,876.
Markets have been taking a breather and analysts do not expect further downside.
"I do not see a downside below 6200 for the Nifty, expect consolidation to continue and see a break out in November itself since earnings growth momentum is very good."
In other Asian markets, Hang Seng closed down 0.8% at 24,500, while the Nikkei gained 1.4% to a four-month high at 9,830.
Seoul Composite and Taiwan Weighted shut shop gaining 1% and 0.06%, respectively.
Shanghai Composite dipped 0.6% after its trade surplus widened to $27.15 billion, more than expected.
The European indices continue
to trade marginally weak after opening in the red.
In India, stocks continued to react to a mixed set of earnings.
On one hand, Tata Motors touched a high of 1350 (up 6.3%) after Q2FY11 numbers topped analysts' estimates, the stock pared some gains and ended at 1301 (up 2.5%).
On the other hand, Bharti Airtel dipped 2.2% and Hindalco fell 1.3% as Q2 earnings missed estimates.
Among individual stocks from the auto space, Mahindra and Mahindra rose 3.5%. Gains were also visible in stock prices of tyre manufacturers on reports of a hike in product prices Bharat Forge and Apollo tyre surged over 3% each, and MRF rose 1.3%.
