Nifty consolidates; Wipro, ICICI Bk dip, HDFC, HeroHonda up

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At 11:03 hours IST, the Nifty was witnessing volatility and trading in a narrow range with negative bias. Selling continued in technology, realty and select banking was keeping the markets lower. Heavyweight Reliance Industries was also down a bit. However, buying in shares of PSU power and cement stocks, and HDFC, Hero Honda, Cipla, HDFC Bank and HUL capped the losses to major extent.

Asian markets were trading mixed. Shanghai, Hang Seng, Nikkei and Taiwan Weighted fell 0.3-0.8% while Straits Times, Kospi and Jakarta gained 0.2-0.4%.

The Sensex declined 54 points to 16,731 and the Nifty slipped 19 points to 4,969. The Nifty November future was trading with 4 points premium.

The market breadth was marginally positive; about 1,461 shares advanced while 1,330 shares declined on the BSE. Nearly 639 shares were unchanged. The broader indices were modestly higher.

In the largecaps, ACC, Hero Honda, HDFC, NTPC, Reliance Communications, Power Grid Corp and BPCL were up 0.8-1.9%. However, Reliance Infrastructure, Wipro, ICICI Bank, Hindalco, Tata Steel, Reliance Capital, Unitech, Suzlon Energy and HCL Tech fell 1.3-2.7%.

Visa Steel shot up 11% on huge volumes, which jumped 400% on five-day average basis. In interview with CNBC-TV18, the company said has been expecting mining leases in Orissa and Chattisgarh. It is planning to raise money in next financial year.

Adhunik Metaliks gained nearly 2%, as it raised Rs 137 crore via QIP (qualified institutional placement) and said Franklin Templeton was the biggest investor in QIP.

Tata Steel completed exchange programme for CARS (Foreign Currency Convertible Alternative Reference Securities) and completed swap of USD 875 million FCCB.

Edelweiss Capital gained nearly 2% as it formed life insurance JV with Japan's Tokio Marine. The company said companies would invest Rs 550 crore in JV.

In the midcap space, Monnet Ispat, Havells India, Jaiprakash Hydro, Atlas Copco and Thermax were up 3-5.6% while KGN Industries, Welspun Gujarat, Hindustan Oil Exploration, United Phosphorous and Patni Computer fell 2-4.6%.

In the smallcap space, Bliss GVS, Jindal Drilling (got Rs 635 crore, 5-year contract from ONGC), Lakshmi Energy and NDTV (US Based Scripps Networks bought 69% stake in NDTV lifestyle for USD 55 million) went up 7-11% while Sahara One, Kanani Industries, Rollatainers, Resurgere Mines and Oscar Investment lost 3-6%.

Renaissance Jewellery shot up 12%.

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