Nifty consolidates; broader indices outperform

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At 11:20 hours IST, the Nifty was trading marginally higher amid volatility and was also trying to hold the 4900 mark. Buying was seen in metal, technology, realty, cement and auto (four-wheeler) stocks. HDFC, Sun Pharma and PNB were the other gainers.

However, selling in banking and telecom stocks along with Reliance Industries, NTPC, BHEL, ITC, BPCL, Cipla and Hero Honda capped the gains to some extent.

The Sensex was trading at 16417, up 61 points and the Nifty was at 4910, up 10 points. The Nifty February future was trading with 9-10 points discount. However, the broader indices were outperforming the benchmark indices; the BSE Midcap Index was up 1.1% and the Smallcap was up 1.8%.

The market, Daryl Guppy of guppytraders.com says, is likely to move sideways for the next few weeks with the possibility of testing key support levels. He sees strong support for the National Stock Exchange's 50-share index Nifty at 4,600 and resistance at 5,150. "I expect to see some more weakness at the Nifty."

Sterlite Industries, Tata Steel, SAIL, Hindalco and Jindal Steel gained 0.5-3.7% in the metal space.

DLF was up 2.7% and Unitech up 1% in the realty segment. TCS, Infosys, Wipro and HCL Tech went up 0.6-1.8% in the technology space.

Grasim, ACC and Ambuja Cements gained 1-1.5% in the cement pack.

In the midcap space, Emami was up 16% and Spice Communications up 12.5%. GMDC, Prakash Industries and HT Media were up 6-7%. However, Atlas Copco, Simplex Infra, Asian Star, REI Six Ten and Apollo Tyres fell 2-3.86%.

In the smallcap space, Shree Ashtavinayak shot up 19.90% and Uttam Galva up 16.06%. Zydus Wellness, Reliance World and Entegra rallied 10-11.6%. However, Maharashtra Polybutenes, FDC, Elgi Equipments, DCM Shriram Ind and Subros lost 2-3.5%.