Nifty tests 5700; RIL, TCS, Infy, Bharti, ITC, HUL slip
At 15:05 hours IST - equity benchmarks erased all their gains seen in first half of trade on back of sell-off in heavyweights. The Nifty shed more than 140 points from day's high to test 5700 level while the Sensex wiped out over 400 points from day's high.
January 11, 2011 / 15:19 IST
At 15:05 hours IST - equity benchmarks erased all their gains seen in first half of trade on back of sell-off in heavyweights. The Nifty shed more than 140 points from day's high to test 5700 level while the Sensex wiped out over 400 points from day's high. Indices were extremely volatile in trade today.
Heavyweights Reliance Industries, TCS, Infosys (ahead of earnings) tanked 3% each. JSPL and DLF lost 2.5% each. Among others, Bharti, ITC, HUL, Tata Motors and Sterlite Industries were down 1-1.7%.HDFC Bank, NTPC, L&T, Tata Steel and ICICI Bank declined 0.4-0.7%. Tata Power and SAIL fell 2% each.However, buying continued in SBI, BHEL, Axis Bank and Hero Honda, which rallied 1.8% each. Bajaj Auto and Sesa Goa jumped 2.5%. Hindalco rose 1.5%.The 30-share BSE Sensex was trading at 19,094, down 130 points and the 50-share NSE Nifty was at 5,728, down 34 points. Broader indices fell one percent each as one share advanced as against three shares declined.In midcap space, State Bank of Mysore, KGN Industries, MVL, Voltas and Gillette India gained 2-3.7% while KSK Energy Ventures, Peninsula Land, Kirloskar Oil, Sobha Developer and Manappuram lost 6-8%.In smallcap space, R M Mohitex, Oscar Invest, Surana Industries, Modern India and Mafatlal Ind were up 7-9% while Riddhi Siddhi, Accentia Techno, Zylog Systems, KNR Construct and IT People fell 7.6-10%._PAGEBREAK_Sensex lacklustre; TCS, Infy, DLF, Bharti, SAIL slipAt 14:25 hours IST - equity benchmarks were extremely volatile in trade but maintained positive bias since morning, led by financial, infrastructure, cement, healthcare, metal (barring SAIL) and select auto companies' shares. Heavyweight ONGC and Wipro were too quite supportive.The Nifty was still trying hard to hold 5800 level but the sell-off in TCS, Infosys, SAIL, DLF, Maruti, IDFC, Cipla, Jaiprakash Associates and even in Reliance Industries was putting pressure. Now Bharti Airtel also turned in red after showing an upward trend in first half of trade.The 30-share BSE Sensex was trading at 19,326, up 102 points and the 50-share NSE Nifty rose 37 points to 5,800. The broader indices were completely lacklustre in trade as breadth was mixed.European markets were too quite supportive; Britain's FTSE rose 1% while France's CAC and Germany's DAX were marginally in green.The BSE Bankex rallied 2% followed by metal, auto, healthcare indices with gain of 0.9-1%. However, the BSE Realty Index tumbled 2% and IT lost 1%.Among frontliners, Bajaj Auto, Hindalco, Reliance Communications, SBI, Hero Honda, Sesa Goa, Kotak Mahindra Bank and Axis Bank were up 2-3.8%.However, TCS, Infosys and DLF fell 1.5-2. Jaiprakash Associates and Maruti Suzuki slipped 0.8% each.SBI, Tata Steel, JSW Steel, ICICI Bank, Tata Motors, Infosys and L&T were most active shares on exchanges.In midcap space, State Bank of Mysore, Gillette India, KGN Industries, Rajesh Exports and Shoppers Stop gained 3-5.5% while KSK Energy Ventures, Manappuram, Va Tech Wabag, Kirloskar Oil and Den Networks lost 3.6-6.7%.In smallcap space, Bartronics, R M Mohitex, Surana Industries, Modern India and Oscar Invest rallied 7-9.5% whereas Riddhi Siddhi, Ion Exchange, Accentia Tech, Binny and Spectacle Info slipped 5-8.4%._PAGEBREAK_Nifty hovers around 5800; ONGC, SBI, ICICI Bk, NTPC upAt 13:14 hours IST - the benchmark Nifty was trying very hard to hold 5800 level on the back of support from financial, capital goods, metal (barring SAIL), power, cement, FMCG and telecom companies' shares along with ONGC. The index was trading in green after a sell-off in previous five sessions.However, the sell-off in TCS, Infosys, Reliance Industries, SAIL, Tata Motors, Maruti, DLF, IDFC and Ranbaxy Labs was limiting the gains as well as aiding to volatility. With trading experts talking of 6000-6050 as being the boundary of the Nifty's pullback, Technical Analyst Mitesh Thacker
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