Nifty holds 5650 amid choppy trade; FMCG, oil & gas up

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Indian equity benchmarks inched up further amid a choppy trade - the Sensex added about a 100 points, backed by FMCG, oil & gas, capital goods, power, healthcare and select technology companies' shares. Heavyweights SBI and Bharti Airtel too were leading the market.

In the July series Ambareesh Baliga, chief operating officer, Way2Wealth expects Nifty to trade in 5,400 to 5,600-5,650 range.

"If the market moves beyond these levels we might see domestic selling coming in and foreign institutional investor (FII) buying which we have seen in the last couple of days may not continue for too long," he added. Baliga expects to see a moderate correction of about 150-200 points in market.

The 30-share BSE Sensex was trading at 18,826, up 99 points and the 50-share NSE Nifty gained 28 points at 5,653. The Nifty July futures were trading with 12 points premium.

The broader indices too were following the same trend. The BSE Midcap Index was up 0.6% and Smallcap up 0.7%.

Among frontliners, Jindal Steel, Bharti Airtel, HUL, HDFC, M&M, Dr Reddy's Labs and IDFC were top gainers, with rising 1-2.5%.

However, the selling in Sterlite Industries, ICICI Bank, Wipro, Bajaj Auto, Infosys and Maruti Suzuki has limited the upside.

In the midcap space, SKS Microfinance rallied 12%, a smart bounce back from early day's low. Hindustan National Glass, Tata Teleservices, Sterling International and Monsanto India were up 4-8%. However, KGN Industries, Cholamandalam, Dena Bank, Graphite India and UTV Software lost 2-5%.

In the smallcap space, Parenteral Drug, Selan Exploration, Bombay Burmah, Allied Digital and KPR Mill surged 6-10% while Midvalley Entertainment, Jagatjit Inds, AGC Networks, 3i Infotech and Kingfisher Airlines slipped 3%.