Nifty erases early gains; PSU oil & gas, metal shares dip

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At 11:42 hours IST - the 50-share NSE Nifty washed out early trade gains and started consolidation again after yesterday's late trade upmove. Index rallied in last one hour of trade on Thursday and continued till today's morning trade, ahead of stress test results of 91 Europen banks.

Metal, cement, healthcare, realty and PSU oil & gas companies' shares wiped out early trade gains. HDFC, HDFC Bank, TCS, Reliance Communications, Power Grid, Tata Power and M&M were other losers in trade.

However, buying continued in Reliance Industries, Wipro, Infosys, SBI, Axis Bank, ITC, L&T, Idea Cellular, ICICI Bank, Bharti, BHEL, Reliance Infra, HCL Tech, Siemens, Tata Motors, Hero Honda, Maruti and Reliance Power, which were supportive the markets.

The Sensex was trading at 18136, up 23 points and the Nifty was at 5447, up 5.5 points. Even Shanghai slipped 0.5% while other Asian markets were trading 0.5-2% higher.

BPCL, HPCL and IOC declined 1-1.5%, as these companies are unlikely to get Apr-June government subsidy now, reports CNBC-TV18 quoting NW18 sources. Oil companies will absorb Rs 13,400 crore fuel sale revenue loss for Apr-June. ONGC was down 1.15% and GAIL fell 2%.

SAIL, Tata Steel, Sterlite Industries and Jindal Steel from metal space were down 0.4-0.7%. DLF from realty segment lost 0.4% and Unitech was down 0.9%.

Ranbaxy Labs, Cipla and Sun Pharma from healthcare segment were down 0.2-0.7%.

UB Holdings, BF Utilities, JSW Steel, United Breweries, Tata Steel, ICICI Bank and SBI were the most active shares on exchanges.

In the midcap space, United Breweries shot up 17.34%. UB Holdings, Alstom Projects, Shriram City and BF Utilities were up 5-9% while ING Vysya Bank, Thermax, CRISIL, Biocon and Bajaj Holdings lost 2.6-8%.

In the smallcap space, Riddhi Siddhi rose 17% and Nahar Spinning was up 13.18%. Ushdev Intl, Gokaldas Export and Genesys Intl gained 7.5-11%. However, Forbes Gokak, Ferro Alloys, Standard Inds, Atco Corp and Maharashtra Polybutenes slipped 4-6.5%.