Nifty above 6150 on global cues; oil & gas up

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs Nifty BSE | NSE 29/05/12 Are Mutual Funds betting on Nifty?

The benchmark Nifty started the day with nearly one percent gap up on the back of positive global cues. The index got back above 6150 level; metal, realty, technology, financial and auto stocks were on buyers' radar.

At 9:01 hours IST, the Sensex was trading at 20419, up 168 points and the Nifty was at 6156, up 53 points. The Nifty October futures were trading at 28 points premium. The CNX Midcap rose 98 points to 9502; about 777 shares advanced while 111 shares declined on NSE.

Among the frontliners, Tata Steel, SBI, Maruti, Wipro, Infosys, TCS, Suzlon Energy, ICICI Bank, Reliance Industries, DLF, Power Grid, Sterlite Industries, Tata Motors, Jaiprakash Associates, Sesa Goa, M&M and SAIL were witnessing buying interest.

Cairn India rallied 4.5% on speculation that the Vedanta will increase open offer price.

However, Bharti Airtel (down 3%) and Reliance Communications were on sellers' radar.

New listing - Gallantt Ispat was trading at Rs 61, a premium of 22% over issue price of Rs 50 share.

Midcap & Smallcap space:

Nirma shot up 13% to Rs 253 as against offer price of Rs 235/share; board decided to de-list company at Rs 235/share.

Hindustan Motors wrote-off Rs 3.17 crore and will be reducing the paid up value from Rs 10 to Rs 5/share; the stock went up 5%.

Kinetic Motor was up 7% Binani Industries up 10% and Fortis Healthcare up 2.3% (acquires health care biz of HK based company Quality Healthcare Asia for Rs 882 crore).

Ashok Leyland was up 2% Gujarat NRRE Coke up 2.5% and Electrosteel Steels up 1.3%.

However, Sujana Tower was down 2%, VIP Industries down 2.4% and Career Point down 2%. Koutons slipped further, down 10%.