Nifty holds 5150 amid volatility; tech, metals stocks gain

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs

Consistent buying in metals, technology, auto, PSU stocks, and index heavyweight Reliance Industries helped the market to stay on the higher side. However, ICICI Bank, ONGC and L&T remained under pressure, falling 0.5-1%. The Sensex climbed 70 points to 17,065.69 and the Nifty gained 26 points at 5,153.20.

Shares of country's largest commercial vehicle maker Tata Motors shot up over 4%; Maruti gained 2% and Bajaj Auto was up 0.8% while Hero Motocorp fell 0.7%.

Metal stocks continued to shine - Coal India, Tata Steel and Sterlite Industries moved up 2.7% each.

Major largecaps like Infosys, Reliance, TCS, HDFC and SBI gained 1-1.6%.

The market breadth was positive; about 1777 shares advanced while 1001 shares declined on the BSE.

In the second line shares, ILandFS Transport, Shipping Corp, Aurobindo Pharma, Sintex Industries and Bajaj Hindusthan rallied 7-10%.

Smallcap stocks like Zensar Tech, Parekh Aluminex, Indo Rama Synthetics, Geodesic and APL Apollo surged 9-16%.

At 13:57 hours IST : Sensex stays higher; Tata Motors tops buy list

The market continued to trade higher, led by support from index heavyweights Reliance, Infosys and SBI. European markets too were positive in the early trade, rising half a percent. The Nifty gained 21.60 points at 5,148.95 and the Sensex rose 65 points to 17,061.18.
 
Shares of Tata Motors topped the buying list, rising 3%. Tata Steel, Coal India, Sterlite Industries and Maruti Suzuki gained 2% each.

Technology and telecom stocks like TCS, Infosys and Bharti Airtel were up 1.5% each. Among other largecaps, Reliance, HDFC, SBI and NTPC climbed 0.7-1.3%.

However, index heavyweights ICICI Bank and L&T dropped 0.9% & 0.6%, respectively. Shares of Tata Power, Hero Motocorp and Jindal Steel fell 1% each.

Advancing shares outnumbered declining by 1696 to 975 on the BSE. The broader markets moved up 1%.

Richard Ross, global technical analyst at Auerbach Grayson says that he is bullish on global markets for the first time since last May. "Regardless of what happens, this market, whether it's earnings, IMF warning that global growth will be slowing, whether it is on the political front or these European sovereigns fears which continue to be out there, the market is digesting them," he says.