Nifty closes tad below 5200; RIL above 200-DMA, up 4%

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs BSE | NSE 10/02/12

The benchmark Nifty broke out on the upside today after seeing consolidation for last eight sessions. It touched the 5200 mark for the first time since January 21, 2010, on the back of rally in heavyweights like Reliance Industries and L&T. Even the Sensex witnessed rally of over 200 points after two weeks.

Buying was seen across all the sectors in the last couple of hours of trade barring few stocks like Bharti Airtel, HDFC Bank, ACC, Wipro and Jaiprakash Associates.

Reliance Industries was the leader in today's trade, which added 23 points to the Nifty's gains and closed above the 200-DMA (daily moving average) of Rs 1,033. It was at Rs 1067.95 at close.

The stock might have reacted to the news that RIL has zeroed in on three shale gas assets in the United States, reports CNBC-TV18 quoting sources. Sources say India's largest private sector refiner is in advanced stage of due diligence for one shale gas asset. RIL is keen on a 40-50% stake in this shale gas asset. The deal size is likely to be between USD 1 billion and USD 2 billion.

L&T was another leading counter, which shot up 3%.

The 30-share BSE Sensex closed at 17,383.18, up 218.19 points or 1.27% and the 50-share NSE Nifty rose 69.20 points or 1.35% to settle at 5,198.10.  The broader indices also rallied in line with the benchmark indices; the BSE Midcap Index was up 1% and the Smallcap was up 1.3%.

Dipan Mehta, Member of BSE & NSE said it was more broad based upmove and the volumes were higher than what we had over the last few trading sessions. "A lot will depend upon how the global markets trade for today as well as tomorrow in the morning in Asia. If those markets remain positive then my sense is that there are a lot of traders and investors who have been waiting on the sidelines for a breakout on the positive will get into action."

Index	Closing Value	Chg (%)
OIL&GAS	10,082.95	2.78
METAL	17,543.93	1.73
CAP GOODs	13,864.28	1.69
AUTO	7,631.63	1.5
SMALLCAP	8,469.16	1.28
IT	5,470.24	1.08
MIDCAP	6,722.89	1.08
POWER	3,062.47	1.01
REALTY	3,392.79	0.94
TECk	3,353.84	0.8
PHARMA	5,086.37	0.79
BANKEX	10,262.91	0.27
FMCG	2,814.64	-0.04

"Once the market is on the roll then automatically it gathers momentum and we automatically see institutional players also getting into the action, the HNIs, traders, all starting to trade on long side. So it is important for the market to just hold on to these gains and build on whatever has been gained in the last few hours."

Entire oil & gas space was buzzing today, especially largecaps. Cairn India and BPCL rallied over 3% each. GAIL was up 0.7% and ONGC was up just 0.12%.

SAIL, Tata Steel, Hindalco and Jindal Steel from the metal segment gained 2.4-2.8%. Sterlite Industries rose 0.6%.

TCS, Infosys and HCL Tech from the technology space went up 1% each while Wipro was flat.