Nifty hovers around 5100 on positive global cues

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs Nifty BSE | NSE 30/05/12 Are Mutual Funds betting on Nifty?

Nifty hits 5100 led by RIL; ITC hits all-time high

At 11:55 hours IST, the Nifty touched the 5,100 mark after a month. Reliance Industries (RIL) was the leading counter with a gain of 3%, the company has made a preliminary, non-binding cash offer to buy Dutch company LyondellBasell (LB). There were reports that the company is planning USD 10 billion offer.

ITC gained 2.7% and hit an all-time high of Rs 268. ICICI Bank, HDFC Bank and ONGC were the other leading counters.

Brokerages views on RIL - CLSA in their report said the deal would be positive if enterprise value of LB is below USD 12 billion. However, Kotak Institutional report said there would be no real synergies between RIL and LB; they retained sell rating with a target of Rs 1,750/share.

On the sectoral front, auto, metal, power, banking (except SBI), cement and select pharma stocks were seeing buying interest. However, selling in Bharti Airtel (down 4%), Reliance Communications (down 1%), Idea Cellular (down 1.7%), Infosys, SBI and Hindalco (down 2%) limited the gains to some extent.

The Sensex went up 139 points to 17,160 and the Nifty rose 48 points to 5,100. The market breadth strengthened a bit further; about 1,767 shares advanced while 1,010 shares declined on the BSE. Nearly 655 shares were unchanged.

The Nifty November future was trading with 7 points premium. Among the broader indices, the BSE Midcap Index was up 0.4% and Smallcap up 1%.

In the midcap space, GMDC, BF Utilities, HMT, MRF and Aurobindo Pharma gained 6-8% while KGN Industries slipped 10%. Balrampur Chini, J&K Bank, Shree Renuka and Info Edge lost 3-4%.

In the smallcap space, Tata Sponge Iron, Mastek, Prime Securities, Indian Metals and Sahara One went up 7-12% while PVP Ventures, Webel SL Energy, Dhampur Sugar, Raj Oil Mills and Kalyani Steels declined 3-4.7%.

Nifty in green amid volatility; telecom, Infy, SBI decline

At 10:59 hours IST, the Nifty was trading marginally higher amid volatility led by buying interest in oil & gas exploration, banking (barring SBI), auto, realty, cement, select metal and infrastructure stocks. However, continued selling in telecom stocks and in stocks like SBI, Infosys, Hindalco, BHEL and BPCL capped the gains to major extent.

Reliance Industries was up 1.5% as it has made a preliminary, non-binding cash offer to buy Dutch company LyondellBasell.

The Sensex rose 50 points to 17,073 and the Nifty gained 19 points at 5,071. The Nifty November future was trading with 4-5 points premium.

The BSE Midcap Index rose 0.3% and the Smallcap up 0.9%, as about 1,699 shares advanced while 1,068 shares declined on the BSE. Nearly 665 shares were unchanged.

In the midcap space, BF Utilities, HMT, MRF, Edelweiss Capital and Aurobindo Pharma gained 4.5-7.5% while Balrampur Chini, KGN Industries, Info Edge, GE Shipping and J&K Bank slipped 3-4.6%.

In the smallcap space, Tata Sponge Iron, Sahara One, PVR, Mahindra Forging and Mastek were up 6.5-10% while Jindal Worldwide, Kanani Industries, Dhampur Sugar, Webel SL Energy and PVP Ventures declined 3.6-4.4%.

SREI Infrastructure Finance was up 3% as it bought 57.17% stake in DPSC (Dishergarh Power Supply Company) at Rs 172 crore via consortium.

Vishal Retail gained 10% as the company said its CDR (corporate debt restructuring) has been admitted, which stands at Rs 730 crore.

Dish TV rose 1%, as it has raised $100 million via GDR at Rs 39.80, which will use for subscriber acquisition.

On the global front, Asian markets were trading mixed. Shanghai, Hang Seng and Straits Times went up 0.25-0.55%. However, Kospi, Taiwan Weighted and Jakarta fell 0.10-0.6%.

Sensex trades higher led by RIL, ONGC, ITC, ICICI Bk

The Sensex started the week on a positive note led by heavyweight Reliance Industries along with buying in banking, auto, cement and metal stocks. Reliance has made a preliminary, non binding cash offer to buy Dutch company LyondellBasell, reports CNBC-TV18. The stock was up 1%.

At 9:56 am, the Sensex rose 99 points to 17,121 and the Nifty gained 28 points at 5,080. The CNX Midcap went up 45 points to 7,207. About 545 shares advanced while 148 shares declined on the NSE.

Among the frontliners, PNB, Suzlon Energy, Tata Motors, M&M, Maruti Suzuki, Grasim, ACC, Siemens, HDFC Bank, Axis Bank, IDFC, ONGC, Jindal Steel & Power, Sterlite Industries and Tata Steel were the gainers in the early trade.

However, Bharti Airtel lost 2%. Infosys and Idea Cellular were down 0.7% each.

Midcap space:

Vishal Retail was up another 5.5%. It shot up 40% in last week.

Dish TV was up 1.7%. According to sources, the company raised $ 100 million via GDR issue.

Dena Bank, Allahabad Bank and Vijaya Bank continued to gain on the buzz of consolidation in the banking space.

Exide Industries was up 4% and Rico Auto rose 5% post quarterly numbers.

However, Balrampur Chini, Bajaj Hindusthan and Shree Renuka Sugars were down 1.5-2.5% as government will be taken up sugarcane pricing bill today in Parliament.

Global cues:

Asian markets were trading mixed. Hang Seng and Straits Times gained 0.5% each. Shanghai, Kospi and Taiwan Weighted were flat while Jakarta fell 0.5%.