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

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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%.

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