Nifty faces resistance at 4800; ITC, HDFC, ONGC lead

The market was trading higher with moderate gains amid volatility. Metal, technology and power stocks were helping the benchmarks stay in the green. The 30-share BSE Sensex was trading at 15,950.75, up 85.89 points and the 50-share NSE Nifty rose 24.4 points to 4,796.55.

Heavyweights ONGC, ITC, L&T, HDFC and NTPC gained 1-2%. From the technology space, Infosys, TCS, Wipro and HCL Tech climbed 1% each.

Among the metal stocks, JSPL, Sterlite Industries and Tata Steel surged 2% each.

Tata Motors and Jaiprakash Associates held their top position in the buying list - gained 2.5% and 3.65%, respectively.

Among other largecaps, DLF, Sun Pharma and Dr Reddy's Labs moved up 2% each.

However, the selling in SBI and ICICI Bank has limited the upside - both dropped 2% each. Reliance Industries and BHEL were down over 0.5%.

At 10:02 hours IST : Sensex turns volatile; SBI, ICICI Bank slip over 2.5%

Indian equity benchmarks were trading amid extreme volatility, initial upmove notwithstanding. Notable losers, SBI and ICICI Bank, resumed their falls after a feeble attempt at recovery; both were down more than 2.5% . The 30-share BSE Sensex rose 66 points to 15,931 and the 50-share NSE Nifty gained 19 points at 4,791.

Hero Motocorp, PNB and Kotak Mahindra Bank slipped over 1%. Reliance Industries, BHEL and Bharti Airtel were marginally in the red.

However, auto, technology, metal, power and Anil Dhirubhai Ambani Group's stocks were quite supportive to the market.

Frontliners like Infosys, ITC, HDFC, Sterlite, Maruti and Sun Pharma gained 1-2%. Jaiprakash Associates was the top gainer - rallied 3%.

ONGC, TCS, NTPC, L&T and Wipro moved up over 0.5%.

The market breadth was positive; about 717 shares gained as against 509 shares declined on National Stock Exchange.

At 9:20 hours IST : Mkt gains strength in opening trade, Sensex up 100 pts

Indian equity benchmarks rebounded with 100-point gains on the Sensex, following a 1.5-3% rally in US markets. The recovery was led by short covering, which was on the expected lines as the Sensex had shed 833 points in previous three sessions.

The 30-share BSE Sensex was trading at 15,995.70, up 130.84 points. Meanwhile, the 50-share NSE Nifty reclaimed 4800 level, rose 35.45 points to 4,807.60.

Jaiprakash Associates, HCL Tech, Infosys, Wipro, Sterlite, Tata Steel, JSPL, Reliance Communications and Reliance Power were on buyers' radar.

SBI, which gained 0.5% after a 4% cut yesterday post a downgrade by Moody's, lost 1.4% soon after. PNB rose just 0.3%. ICICI Bank was down over 1%..

GAIL was down just 0.5%.

The CNX Midcap gained 47 points at 6,923. About 546 shares advanced as against 312 shares declined on National Stock Exchange.

Jet Airways, SpiceJet and Kingfisher Airlines were up 2.5% as DIPP bats for easing FDI norms in aviation.

Jubilant Foodworks, Sintex, Mahindra Satyam, Inox, Arvind, HDIL, Punj Lloyd, Educomp Solutions, Unitech and Hexaware rallied 1-3%.

Electrotherm and Pipavav Defence rallied 4% each.