Nifty bounces back above 5300; RIL, ICICI Bank gain

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The Sensex added about 190 points in early trade after falling sharply in last four sessions. Banks, oil & gas, capital goods, metals and auto stocks supported the buys. The BSE benchmark gained 191 points to trade at 17,637 and the NSE benchmark Nifty rose 60 points to 5,341.

Largecaps like ICICI Bank, Axis Bank, SBI, Kotak Mahindra Bank, PNB, Reliance Communications, Reliance Infrastructure, BHEL, Reliance Industries, ONGC, JP Associates, Hindalco, Sesa Goa (after fall of 10.5% yesterday) were up 1.5-2% in early trade.

The CNX Midcap Index rose 70 points to 7,421. The market breadth was strong as broader markets butchered quite badly in last few sessions. About five shares advanced for every share falling on the National Stock Exchange.

In the second line shares, GVK Power, Lanco Infratech, Adani Power, Suzlon Energy, BGR Energy and Voltas gained 2.5-4%.

UB Group companies bounced back on media reports that two foreign carriers showed interest in picking up stake in Kingfisher. Kingfisher Airlines, United Spirits and United Breweries Holdings were up 4.6%-5.5%.

Gujarat NRE Coke, Firstsource, Titan, Jain Irrigation, Pantaloon Retail, Evereardy and Bank of Maharashtra rallied 2-4%.

However, Bajaj Hindusthan was down 1%.

On the global front, Asian markets were training mixed. Shanghai was down 0.4% and Nikkei fell 6% while Hang Seng, Straits Times and Kospi rose 0.1-0.4%. The US equity markets were flat.