Nifty flat amid seesaw trade; Tata Motors top gainer

The market recovered from day's low amid choppy trade, supported by private banks, capital goods, oil & gas and metals stocks. The Sensex was up 20 points at 15,959.43 and the Nifty gained 5 points at 4,770.05.

Sudarshan Sukhani of s2analytics.com sees Nifty to make at least one more attempt to go towards 4,800. He suggests there is money making opportunity if Nifty moves towards 4,800 and one should buy at 4,720. "There is a gap there that can be profitable," he said.

Index heavyweights ICICI Bank and BHEL shot up 2.7%-3%; shares ONGC, HDFC Bank and L&T gained 1.3%. Reliance Industries and SBI turned positive.

Bulls remained supportive to the Tata Motors post its sales numbers and upgradation from brokerages. The stock jumped 4% as CLSA upgraded it to outperform from underperform.

Metal stocks too were shining; Tata Steel, Hindalco Industries and Sterlite Industries moved up 1.5-2.5%.

However, shares of M&M extended sell-off, losing 3.5% and Bajaj Auto tumbled 4.5%. Hero Motocorp was down more than 2%.

HUL and Bharti Airtel were down 1.5-2%; DLF fell 1.25%. Coal India and TCS slipped 0.5%.

At 12:42 hours IST : Sensex falls amid volatility; Bajaj Auto tops sell list

The market slipped in to the red amid choppy trade, weighed down by index heavyweights Reliance Industries and Bharti Airtel. HUL, TCS, SBI and Infosys too were under pressure. However, ICICI Bank, BHEL and ONGC were quite supportive. Even major Asian markets like Shanghai and Hang Seng fell 1.1% and 0.66%, respectively. The Sensex was down 54 points to 15,885.39 and the Nifty fell 19 points to 4,746.80.

Shares of Bajaj Auto retained its top position in the selling list post the management said it would not meet the guidance in FY12. The stock was down over 4%.

In an interview with CNBC-TV18, Bajaj Auto says it will be difficult to achieve its sales guidance of 4.5-4.6 million units in 2011-12, due to a slowdown in sales of motorcycles.

HUL, Bharti Airtel, M&M, Hero Motocorp and DLF were down 2-2.8%. Index heavyweights Infosys, TCS, Reliance Industries and SBI lost 0.5-1.5%.

However, shares of ICICI Bank shot up 2%. Tata Motors, ONGC, BHEL and Cipla gained 1-1.5%.

Shares of public sector undertakings erased some gains after the cabinet deferred decision on PSU buyback of government shares, reports CNBC-TV18 quoting NW18. HMT, RCF, STC India, Hindustan Copper etc went up around 7%; these stocks had gone up over 10% before this news.