Global cues drive Nifty above 5400; Sun Pharma @ 52-wk high

The 50-share NSE Nifty reclaimed the 5,400 in early trade following a positive trend across the globe. There are major events like German's Constitutional Court ruling that will decide the fate of ESM around 13:30 hours IST, Dutch polls and the Federal Reserve's policy meeting.

The BSE Sensex moved up 58 points to 17,910.79 and the NSE Nifty rose 15 points to 5,405.05. Among Asian peers, Hang Seng and Taiwan Weighted climbed 0.9% while Nikkei and Kospi were up 1-1.5%, but Shanghai was down 0.4%.

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Back home, Tata Steel, Tata Motors, SBI, ICICI Bank, Axis Bank, Kotak Mahindra Bank, JP Associates, Dr Reddy's Labs, Reliance Industries, HUL, NTPC, L&T and Wipro led the market higher.

Drug producer Sun Pharma has touched fresh 52-week high of Rs 696, up 1%.

Siemens fell 3% as the parent company Siemens AG was expected to sell 39.59 lakh shares via block deal.

The CNX Midcap Index moved up 32 points to 7,310. About three shares advanced for every share declining on the National Stock Exchange.

In the second line shares, Gujarat State Petronet jumped 6%. Petroleum and Natural Gas Regulatory Board (PNGRB) has cut company's gas grid tariff by 12.5%, which was not higher as earlier expected.

Panacea Biotec gained another 6.5%. IFCI rose 3%. The Financial Express reported that the company is planning to redeem Rs 400 crore bonds to prevent government from converting the debentures into equity.

Rolta, HCC, Sintex Industries, Apollo Tyres and Jain Irrigation were up 1-2%. FACT surged 4%.

Civil aviation minister Ajit Singh yesterday said that the government is keen on allowing FDI in civil aviation. He expects cabinet to take up aviation FDI proposal soon. Kingfisher was up 3%. Jet Airways rose 1.5% and Spice Jet spiked 3.5%.

Deccan Chronicle tanked 4% as The Times of India reported that the company pledged its four trademarks (Deccan Chronicle, The Asian Age, Andhra Bhoomi and Financial Chronicle) to IDBI for Rs 250 crore loan. Yesterday the board members of the company has passed resolution to restructure debt via CDR route.