Nifty ends tad below 5600; telecom, ADAG, power gain
Indian equity benchmarks continued their uptrend for second consecutive session on Wednesday. The 50-share NSE Nifty closed tad below the 5600 mark - it tried to cross that level during the day but could not make it.
June 01, 2011 / 17:04 IST
Indian equity benchmarks continued their uptrend for second consecutive session on Wednesday. The 50-share NSE Nifty closed tad below the 5600 mark - it tried to cross that level during the day but could not make it.
The index settled at 5,592, up 31.85 points and the 30-share BSE Sensex gained 105.53 points, to end at 18,608.81. Indices were highly volatile in an intraday trade, with a positive bias. Market breadth too was in favour of advances - two shares gained as against every one share declined. NTPC was the leading mover, with gaining 4%. Anil Dhirubhai Ambani Group companies' shares were on buyers' radar today - Reliance Communications and Reliance Capital were top gainers, with rising nearly 5%. Reliance Power and Reliance Infrastructure went up more than 1.5%.Among other largecaps - Bharti Airtel, L&T, SBI, HUL, TCS and Infosys gained 1-2.5%. BHEL, ONGC, Wipro and ITC were marginally in the green.Cement stocks rallied for the second straight day today - monthly sales numbers could be the reason. Ambuja Cements rose 3% and ACC went up 1.5%. ACC sold 1.99 mt cement in May as against 1.75 mt in same month the previous year. Ambuja Cements's cement sales stood at 1.76 mt versus 1.89 mt during the same period.Maruti Suzuki reacted quite positively to its sales numbers. India's largest car maker sold 1.04 lakh units in May as against 97,155 units in previous month. The stock jumped 1.6%. TVS Motor too gained 2.5% post better sales numbers.However, Tata Motors fell 1.4% despite rise in sales numbers. Country's largest commercial vehicle maker's total sales went up 10% in May to 62,296 units (YoY)/. JLR sales too continued upward trend.Heavyweight Reliance Industries witnessed some profit booking, with falling 0.5%. Healthcare and realty companies' shares too followed the same trend.Pharma stocks like Sun Pharma and Ranbaxy Labs were down 1.5% & 2.5%, respectively. DLF from realty space fell nearly 1%.Private banks' stocks like ICICI Bank, HDFC Bank, Axis Bank and Kotak Mahindra Bank too closed in the red.The broader indices outperformed benchmarks - the BSE Midcap and Smallcap indices were up 0.8% each. MidcapsSterling International was up 15% and Monsanto India up 11%. KS Oils, Tata Investment Corp and Vijaya Bank rallied 5-8%. However, BEML, Punj Lloyd, Gujarat Pipavav, Marico and Sobha Developer lost 3-7%.SmallcapsCambridge Solutions was locked at 20% upper circuit after decision of selling US arm. Ashapura Minechem, Voltamp Transformers, Hind Dorr-Olive and Prakash Industries gained 11-15%. However, Accentia Tech, Smartlink Network, Vaarad Ventures, R M Mohite and Symphony slipped 5-6.5%.The volume was quite low as compared to previous session - total traded turnover was nearly Rs 90,000 crore.Global markets were quiet in trade. European markets were trading flat, at the time of closing of India equities. Major Asian markets too were flat._PAGEBREAK_Nifty trades with moderate gains; RCom surgesEquity benchmarks were consistently trading with moderate gains amid volatility, led by power, capital goods, telecom, Anil Dhirubhai Ambani Group (ADAG), cement and select metal companies' shares. However, the broader indices were outperforming benchmarks - the BSE Midcap and Smallcap indices were up 0.7% each.TV18, Anand Tandon, CEO, JRG Securities said, frontline companies
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