Banks, tech, metals lift Nifty above 5400

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The benchmark Nifty moved up above the 5400 mark for the first time since August 2011, supported by banks, metals, technology, auto and power stocks.

The Sensex surged 140 points to 17,847.48 and the Nifty gained 48 points at 5,416.25.

However, Reliance Industries, L&T, Bharti and ONGC remained under pressure, falling 0.7-1.4%. Hindalco too tanked over 2%, though it recovered sharply from day's low.

At 14:10 hours IST : Nifty flat in late-afternoon trade; RIL, ONGC, L&T laggards

The market remained rangebound due to two way move in largecaps. Reliance, ONGC, L&T, Bharti and SBI weighed down the market while HDFC Bank, BHEL, NTPC, technology and auto stocks were supporting the market.

The BSE benchmark Sensex lost 35 points to 17,672.26 and the Nifty slipped 10 points to 5,358.60.

Shares of Reliance Industries, Bharti Airtel, ONGC, L&T and Tata Steel were down 1-2%. ITC and SBI were moderately lower. Hindalco retained its top position in the selling list, falling more than 5%.

However, HDFC Bank, Tata Motors, Bajaj Auto, JSPL, NTPC, Hero Motocorp, Tata Power and Sterlite fell 1.5-2.5%. Infosys, BHEL, Wipro and ICICI Bank were down with moderate losses.

The market had rallied over 15% in previous five weeks while the current week has been volatile since the beginning. N Jayakumar, president at Prime Securities feels that the market has not been able to capture the rise fully.

In an interview to CNBC-TV18, Jayakumar said that the picture looks brighter even now. He is expecting it to head higher but with minor corrections.

On the global front, European markets were up 0.8% amid choppy trade. especially ahead of emergency board meeting of eurozone finance ministers over discussion of Greek debt deal today.