Nifty trades above 4900 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 10/02/12 Are Mutual Funds betting on Nifty?

The Sensex opened on a positive note following good global cues led by 2% rally in the US markets. The equity benchmarks continued the rally for the fifth consecutive day and the Nifty was trading above the 4,900 level. Metal, banking, realty and select infrastructure stocks were seeing buying interest.

At 9:56 am, the Sensex gained 131 points at 16,629 and the Nifty was up 37 points at 4,935. The CNX Midcap went up 57 points to 7,032. About 650 shares advanced while 75 shares declined on the NSE. 

Anil Dhirubhai Ambani Group as well as Mukesh Ambani companies' shares were trading 1.5-4% higher on the rumours that Ambani Brothers looking for out-of-court settlement, as per the newspaper report.

Among the frontliners, Sterlite, SAIL, Ranbaxy Labs, Reliance Infrastructure, HDFC Bank, ICICI Bank and Reliance Industries were the gainers.

Midcap space:

Brigade Enterprises, Orbit Corporation and RNRL were up 2-3%.

Bank of Rajasthan and Indian Bank moved up 3.5%.

NMDC rallied another 10% as Cabinet may take up NMDC divestment next month.

Maytas Infra lost 4%, as the company may withdraw from Rs 1,590 crore Machilipatnam port project.

Gateway Distriparks gained 4.6%.

Jai Corp jumped 12.5%, which locked at 20% upper circuit on Monday.

Global Cues:

Asian markets were trading higher. Nikkei was up 1.4% and Hang Seng was up 1%. Shanghai, Jakarta, Straits Times, Kospi and Taiwan Weighted gained 0.3-0.7%.

The US markets rallied after G-20 and Geithner says will continue stimulus measures. The Dow Jones Industrial Average hit 13-month high and closed up 203.5 points or 2% at 10,227. US dollar fell to a 15-month low.

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