Nifty bounces back; metals, tech, oil & gas gain

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The benchmark Nifty bounced back and recovered nearly all Monday's losses. Positive global cues also looked supportive today. Metal, banking, oil & gas, auto, technology and capital goods were gainers in early trade.

However, there was a bit of volatility ahead of F&O expiry on Thursday.

At 9:02 hours IST, the Nifty was trading at 5239, up 34 points and the Sensex was at 17522, up 112 points.

The CNX Midcap rose 69 points to 7611 and the BSE Smallcap went up 53 points to 8476. About 600 shares advanced while 66 shares declined on the NSE. 

Among the frontliners, BPCL, Reliance Communications, Idea, Bharti, Axis Bank, Cairn, Tata Steel, Sterlite Industries, DLF, Cipla, Ranbaxy Labs, Suzlon Energy, Jaiprakash Associates and HDFC Bank were witnessing buying interest. However, ACC and

Midcap & Smallcap space:

Pharma stocks might be reacting positively to US Healthcare bill, which passed yesterday.

Suven Life Sciences rallied 8% and Shasun Chemical was up 4%. SPARC was up 1% and Piramal Life up 2%.

Jindal Cotex rose 5.5%, as it approved fund raising of up to Rs 150 crore via rights issue and upto USD 50 million via GDR/FCCB issue. It will raise FII limit to 74% from 24%.

S Kumars Nationwide gained 1%. Alok Industries went up 0.5%, as sources told CNBC-TV18 that its QIP book opened. The company plans to raise Rs 350-460 crore via this issue.

Cadila Health is in pact with US-based NIH to develop new HPV (human papilloma virus) Vaccine. The stock rose 2%.

Pipavav, Jubilant Food and Hanung Toys gained over 2%.

However, NMDC lost 4% to Rs 330.

Global cues:

Asian markets were trading mixed. Hang Seng and Jakarta gained 1-1.5%. Straits Times, Kospi and Taiwan were up 0.3-0.5%. However, Shanghai and Nikkei fell just 0.2% each.

The US markets gained in later part of the day. House of Representatives passed healthcare reform bill.