Sensex erases some gains; ONGC, Infosys, TCS, Wipro down

Indian equity benchmarks erased some of the early gains due to sell-off in technology stocks. Even heavyweight Reliance Industries turned flat. The 30-share BSE Sensex rose 107.66 points to 16,664.89 and the 50-share NSE Nifty moved up marginally 36 points to 5,015.95.

Andrew Holland, chief executive officer- equities at Ambit Capital tells CNBC-TV18 in an exclusive chat that now is a great time to buy Indian stocks with a two-year perspective. "The market is likely to start reporting better earnings from early next year," he says. He sees Nifty moving towards the 5200 levels in the short-term.

Among the largecaps, Bharti Airtel, Hindalco, Jindal Steel, DLF, Sun Pharma and Reliance Communications rallied 2.5-4%.

NTPC, HDFC Bank, L&T, SBI, HDFC, Tata Motors, ICICI Bank and BHEL rose 1-2%.

However, ONGC and Infosys plummeted over 2%. HCL Tech, TCS, Wipro and Sterlite Industries were down 0.5-0.8%.

About three shares gained for every share declining. The broader indices like BSE Midcap and Smallcap indices rose 1% each.

In the midcaps pace, Chambal Fertilisers, Jubilant Foodworks, BF Utilities, Rajesh Exports and Motherson Sumi rallied 5-7% while Network 18, KGN Industries, Shriram City, Bayer Cropscience and SpiceJet slipped 2-5%.

In the smallcap space, OM Metals Infra, Garden Silk Mills, ITI, Genesys International and Parekh Aluminex shot up 8-15%. However, Zenith Infotech plunged 20% and Electrotherm lost 13%. Unisys Software, Clarus Finance and R M Mohite fell 5-7%.

On the global front, Asian markets maintained their morning gains. Hang Seng, Nikkei, Kospi, Straits Times and Taiwan moved up 2-3%. Shanghai was up just 0.3%.

At 10:30 hours IST : Nifty holds on to early gains; telecom, banks, power lead

Though the market came off a bit from morning high, it was still trading up close to 1%, supported by telecom, banking, metal, capital goods and power stocks. Asian markets maintained their uptrend - gaining 2-3% - following strong US cues resulting from a potential solution to European debt crisis. Shanghai, however, rose only 0.7%. The 30-share BSE Sensex was trading at 16,717.74, up 160.51 points. Meanwhile, the 50-share NSE Nifty rose 49.35 points to 5,028.95.

Heavyweight Bharti Airtel was the top leader on Nifty, rallying 4% post unveiling of telecom policy yesterday. Reliance Industries too was quite supportive, gaining 0.8%.

Among other largecaps, NTPC, SBI, L&T, HDFC Bank, HDFC, ICICI Bank, Sun Pharma, Tata Motors, JSPL, Axis Bank, DLF and Bajaj Auto jumped 1.5-2%.

However, Infosys was witnessing profit booking ahead of Q2 results tomorrow, falling 2%. ONGC lost nearly 2% post spike in crude oil prices.

HUL and Wipro were marginally in the red.

The broader indices too moved up 1%. About three shares advanced for every share falling.

At 9:19 hours IST : Sensex rises 1% mirroring global rally; BPCL, ONGC dip

Indian equity benchmarks moved up 1% in the opening trade on Tuesday, following a global rally that was fuelled by a hope to stem stem Europe