Nifty strengthens again amid choppy trade; RIL leads

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Equity benchmarks strengthened again amid a choppy trade. Heavyweight Reliance Industries surged 3% on the back of fresh longs build up. The 30-share BSE Sensex was trading at 16,605, up 189 points and the 50-share NSE Nifty jumped 58 points to 4,977.

The market awaits GDP data for Q1FY11, which, according to a CNBC-TV18 poll is seen at 7.6% as against 9.3% in a year ago period.

Financial, telecom, realty, technology and ADAG stocks were on buyers' radar.

Among largecaps, Tata Steel, DLF, Jaiprakash Associates, Reliance Industries, Bharti Airtel, Reliance Communications and Reliance Capital were top gainers; these stocks gained 2-4%.

However, ONGC plunged 4% as company is likely to hit market on September 20.

GAIL, Bajaj Auto, BPCL, BHEL and NTPC were other losers.

India Securities, Bajaj Finserv, SBI, Tata Steel, Reliance Capital, Reliance Industries, ONGC and ICICI Bank were most active shares on exchanges.

About 1580 shares advanced as against 661 shares declined on BSE.
Stocks in news

Maruti bounced back with 0.5% gain as company may partly resume operations at Manesar Unit today.

Torrent Power gained 3% as it received carbon credits worth Rs 297 crore.

Religare Enterprises moved up 2% as company formed advisory panel for group's banking foray. Kiran Karnik & Suman Bery will be part of advisory panel.

At 10:11 hours IST : Mkt erases some gains ahead of GDP announcement; ONGC dives

The BSE benchmark Sensex erased some gains ahead of the announcement of gross domestic product (GDP) data. Profit booking could be another reason behind fall from day's high. The 30-share BSE Sensex was trading at 16,527, up 111 and the 50-share NSE Nifty went up 32 points to 4,952 amid volatility.

GDP, which shows the health of a country's economy, for the first quarter of FY11 may come lower at 7.6% as against 9.3% in a year ago period, according to CNBC-TV18 poll.

Financial, realty, technology, telecom and Anil Dhirubhai Ambani Group's stocks were still on buyers' radar. Even Reliance Industries was quite supportive, gaining 2%.

However, shares of state-run ONGC collapsed as the company is likely to launch its follow-on public offer on September 20. The stock fell nearly 5%.

ITC, SAIL, Maruti, NTPC, Kotak Mahindra Bank, Bajaj Auto, Hindalco and ACC were other losers, which slipped on profit booking.

Capital goods stocks like BHEL and L&T were marginally in the red ahead of GDP.

At 9:18 hours IST : Global cues lift Sensex 200 pts higher; RIL, TCS lead

Indian equity benchmarks continued to trend higher on Tuesday morning led by positive global cues. The indices reacted to the 15% jump in Athex (Greek market) Composite on consolidation in the banking industry. There was also a sigh of relief as the damage from Hurricane Irene was less than feared.

Technology, financial, metal, realty and capital goods stocks were seeing buying interest. But investors looked a bit cautious ahead of GDP data today.

The 30-share BSE Sensex was trading at 16,621, up 205 points and the 50-share NSE Nifty rose 62 points to 4,982 led by gains in 45 stocks.

Anil Dhirubhai Ambani Group's stocks like Reliance Capital, Reliance Communications and Reliance Power maintained uptrend; stocks rallied 2-4%.

DLF, HCL Tech and Infosys were up 2-3%. In the financial space, ICICI Bank, Axis Bank, Kotak Mahindra Bank and SBI moved up 1.5-3%.

Among other largecaps, Tata Steel, JSPL, SAIL, Reliance Industries (up 2%), Bharti Airtel, L&T and Tata Motors too were on buyers' radar.

However, ONGC fell 1.5% as company's FPO is likely to hit market on September 20.

Maruti declined 1% as its Manesar plant hit by labour unrest.

The CNX Midcap rose 91 points to 7,292. About six shares gained for every share falling.

Non-banking finance companies like Bajaj Finserv shot up 6% and L&T Finance Holdings up 3%. PFC rose 3% and REC went up 2%.

Infrastructure stocks like Lanco Infratech and NCC gained 2%.

Dhanalaxmi Bank and Karur Vysya Bank were up 2-3%.

However, Gujarat NRE Coke fell 2%.