Moneycontrol
May 17, 2012 11:41 AM IST | Source: Moneycontrol.com

Nifty stays above 4900 with 1% gain; ITC, DLF top buy list

The BSE Sensex and NSE Nifty stayed 1% higher in morning trade led by short covering in most beaten down stocks. Banks, metals, auto and FMCG stocks saw buying interest today. Index heavyweight Reliance Industries gained 1%.


The BSE Sensex and NSE Nifty stayed 1% higher in morning trade led by short covering in most beaten down stocks. Banks, metals, auto and FMCG stocks saw buying interest today. Index heavyweight Reliance Industries gained 1%.


The BSE benchmark rose 178.78 points or 1.12% to 16,208.87, supported by 27 components. Meanwhile, the NSE benchmark moved up 53.8 points or 1.11% to 4,912.05.


Amit Gupta, head- derivatives of ICICI Direct said, "For intraday traders, 4,950 is going to be critical immediately. A close above that possibly may give you an indication that finally we are going to hit 5,050,” he adds.


FMCG majors ITC and HUL gained nearly 3% and over 1%, respectively. Realty major DLF rallied 3%.


Country's largest lenders State Bank of India, ICICI Bank and HDFC Bank were up 1.5-2%. Housing finance company HDFC rose 1.6%.


Top telecom operator Bharti Airtel moved up over 1% and state-owned capital goods major BHEL went up 1.5%.


However, shares of BPCL slipped 1.4% on profit booking. HCL Tech, ACC, Grasim, Dr Reddy's Labs, TCS, L&T and Infosys were marginally lower.


Asian markets too gained on Thursday after taking a beating yesterday, but the situation has not changed in Europe and the problems in Greece still persist. Yesterday agencies reported that European Central Bank has suspended operations with some Greek banks. The central bank said Greek banks were moved to Emergency Liquidity Assistance, so normal operations would resume once these banks got capitalized.


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At 9:15 hours IST: Sensex, Nifty up nearly 1%; Asian mkts gain too


The BSE Sensex and NSE Nifty saw nice pull back on Thursday morning, rising nearly 1% following upmove in Asian markets. Somewhat short covering was seen as the market had fallen in previous seven out of nine sessions due to Greece political crisis and depreciation in rupee.


The BSE benchmark rose 123.03 points or 0.77% to 16,153.12 led by 26 stocks. Meanwhile, the NSE benchmark crossed the 4900 level, which was up 39.55 points or 0.81% at 4,897.80.


The Indian rupee too recovered some losses, rising 0.28% to 54.34 a dollar.


Asian markets like Shanghai, Hang Seng, Kospi, Taiwan and Straits Times moved up 0.4-1.3%. Nikkei was flat after recovery from day's low. However, Greece newsflow continued to drive risk aversion. Agencies reported yesterday that ECB suspended operations with some Greek banks; the central bank said normal operations will resume once these banks capitalized.


Back home, frontliners like ITC, HDFC, DLF, Bharti Airtel, Bank of Baroda, SBI, Axis Bank, SAIL, Hindalco, JSPL, L&T, Reliance Industries, ICICI Bank, PNB, Ranbaxy and HUL gained 1-2%.


However, Tata Motors dropped another 1% due to disappointing global sales data for April. The stock had fallen 7.4% yesterday.


The CNX Midcap Index went up 67 points or 0.93% to 6,966. About three shares advanced for every share falling on the National Stock Exchange.


In the second line shares, Dish TV was up 2.6% after fourth quarter numbers.


Deccan Chronicle and Adani Port rallied 3-4%.


Educomp Solutions gained 3% as SEBI disposed case against company on Rs 1 lakh consent fee.


Delta Corp, Kingfisher, VIP Industries, IRB Infrastructure, Manappuram Finance and Harrisons Malyalam were up 1-2%.


Hexaware, KPIT Cummins Mahindra Satyam (ahead of Q4 numbers) and JP Power (ahead of Q4 numbers) went up 1-2%.

However, 3i Infotech was down 2%.

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