Nifty ends with moderate gains; RIL, TCS, Infosys lead
Indian equity benchmarks closed the session with moderate gains amid a choppy trade, led by oil & gas, select technology and auto companies' shares.
June 07, 2011 / 16:13 IST
Indian equity benchmarks closed the session with moderate gains amid a choppy trade, led by oil & gas, select technology and auto companies' shares. Overall it was another day of consolidation for the market as it seemed that benchmarks could be waiting for some trigger like RBI policy or any global event.
The 50-share NSE Nifty gained 24 points, to close at 5,556 and the 30-share BSE Sensex went up 76 points, to end at 18,495. Market breadth too was in favour of advances - about 754 shares advanced as against 525 shares declined on National Stock Exchange.Manoj Murlidharan Vayalar, Associate Vice President-Derivatives, IIFL link feels that the Nifty might pullback another 150 points on the upside from hereon. "We might see something close to 5700-5750. Ideally more or less after that I feel the range might definitely drift downward because with a value at risk and the option activity we are seeing along with what the volatility is doing. We feel Nifty might then rather go in for a range of somewhere close to 5200-5500, that would be the range we might see after swing trade of 7-8 days." European markets and US index futures too were quite supportive in the last couple of hours of trade today. France's CAC and Germany's DAX gained 0.7% each; Britain's FTSE rose just 0.3%. Dow Jones and Nasdaq futures were trading with 0.5% gains.Heavyweights Reliance Industries and Infosys led the market higher today - both stocks rallied 2% each. Among others, TCS, Sun Pharma, Tata Steel, Cipla, M&M, Kotak Mahindra Bank, PNB and Jaiprakash Associates were up 1-2.5%. ONGC, ITC and SBI too were marginally in the green.However, L&T, HUL, Wipro, Hero Honda and ACC were down 1-2%. NTPC, Bharti Airtel and Reliance Communications lost 0.5% each.Private financial companies' shares namely HDFC, ICICI Bank and HDFC Bank closed the trade with 0.2% gains.Aanjaneya Life, Delta Corp, Sun TV Network, SBI, Standard Chartered IDR, Reliance Industries and Infosys were the most active shares on exchanges.MidcapsBajaj Finserv, India Infoline, Sun Pharma Advanced, Karnataka Bank and HDIL surged 6-9% while Berger Paints, Manappuram, Cox & Kings, Pantaloon Retail and Kirloskar Oil fell 3-4%.SmallcapsParekh Aluminex, Steel Strips Wheels, Premier, Delta Corp and Hawkins Cooker jumped 10-14%. However, Lloyds Metals, Sahara One, R M Mohite, SV Electricals and Parrys Sugar lost 5-6%._PAGEBREAK_Sensex trades higher amid volatility; L&T, Wipro, HUL fallEquity benchmarks gained further amid a choppy trade - the Nifty holds the 5550 level and the Sensex added more than 100 points - supported majorly by Reliance Industries and Infosys. Both stocks rallied 2% each. Sun Pharma, Cipla and Jaiprakash Associates too were up 2%.TCS, Tata Steel, Axis Bank and Kotak Mahindra Bank went up over 1%. ITC, DLF, JSPL, Hindalco, ICICI Bank, HDFC, PNB, Sterlite, Reliance Infrastructure and Ranbaxy Labs too were supporting the market.The 30-share BSE Sensex was trading at 18,519, up 99 points and the 50-share NSE Nifty went up 31 points to 5,563. European markets and US futures were trading with moderate gains as well.However, the downtrend continued in L&T, Wipro, HUL, NTPC, Hero Honda, BHEL, SAIL, Bharti Airtel, ACC, Bajaj Auto and Reliance Communications.Sandeep Singhal of Emkay Global Financial Services said that market is facing risks and macro headwinds in terms of governance deficit, lack of reforms, inflation, interest rate, QE3, etc. "We don
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