Nifty hovers around 5250; ONGC, ICICI Bk, Infy, HDFC dip

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Nifty continues consolidation; telecom gains

The benchmark Nifty started the day on a positive note but still with some consolidation. Experts believe that the Nifty may gradually move towards 5300 mark. The S&P has upgraded outlook on India to stable yesterday.

At 9:02 hours IST, the Nifty was trading at 5252, up 6.5 points and the Sensex was at 17543, up 25 points.

The CNX Midcap rose 14 points to 7607 and the BSE Smallcap went up 30 points to 8492. About 500 shares advanced while 200 shares declined on the NSE.

Among the frontliners, SAIL, SBI, Cipla, Tata Power, PNB, Wipro, Hindalco, Reliance Infrastructure, Bharti Airtel (above Rs 300), ONGC, TCS, Reliance Communications and Jairprakash Associates were seeing buying interest

However, Infosys, HDFC, M&M and ITC were losers in trade

Dr Reddy's gained 1.5%, as the company is going to launch Alegra D12 and D24 in FY11.

Midcap & Smallcap Space:

Strides Arcolab is eyeing stake sale in Generic Pharma, PE funding. The stock rose 1%.

Welspun Gujarat gained 1% and MSK Projects went up 3%, as Welspun has bought 75% stake in MSK.

Berger Paints gained 4%. S Kumar Nationwide and Alok Industries were up over 1%.

Recently listed - United Bank of India gained 1% while Texmo Pipes lost another 8% to Rs 109 a share.

Andhra Bank and Canara Bank were up 1%.

Dalmia Cement rallied 2.04% on restructuring plan.

Apollo Tyres lost 0.7%.