Nifty above 5,100; RIL gains ahead of ex-bonus, BPCL up 5%

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At 10:52 hours IST - the Nifty strengthened further after a consolidation in early trade. Oil & gas, metal, auto, FMCG, capital goods, cement and banking (barring ICICI Bank) stocks were witnessing buying interest. It was trading above the 5,100 level. However, selling in ICICI Bank, Bharti, DLF, Cairn, Tata Power, HCL Tech, Jaiprakash Associates, Reliance Infrastructure and Sun Pharma capped the gains to major extent. There was still volatility in the markets.

BPCL was the top gainer on the NSE with 5% gain, as Crude slipped below $ 76 a barrel. Reliance Industries was up 1.55%, as it will go ex-bonus tomorrow. Reliance has announced the bonus issue in the ratio of 1:1.

The Sensex was up 99 points at 17,230 and the Nifty gained 26 points at 5,116. The broader indices were up 0.8% each, as about 1,787 shares advanced while 1,021 shares declined on the BSE. Nearly 625 shares were unchanged.

Bajaj Hindusthan and Balrampur Chini Mills moved up 2.6-4%, as UP Sugar Association reached pact with farmers. UP Farmers will get Rs 190-195/quintal for sugarcane. Sugar Mills will pay farmers Rs 25 over SAP.

In the largecaps, M&M, Maruti Suzuki, Sterlite Industries, Hero Honda and SAIL were up 1.5-2%.

Reliance Industries, Mahindra Satyam, Astec Life, Den Networks, Sesa Goa, ICICI Bank and JSW Steel were most active shares on the bourses.

Astec Lifesciences was trading at Rs 85.35 as against issue price of Rs 82 per share.

In the midcap space, M&M Financial, Gujarat Gas, Jai Corp, Jagran Prakashan and Reliance Industrial Infrastructure gained 4-6% while KGN Industries, Motherson Sumi, Chambal Fert, OnMobile Global and REI Six Ten fell 2-5%.

In the smallcap space, Man Industries, Jindal Drilling, IndiaNivesh, Honda Siel and Ador Welding went up 8%. However, Grindwell Norton, Shristi Infra, Jindal Worldwid, Mahindra Forgings and Suraj Stainless slipped 3-5%.

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