Sensex inching towards 16K; pharma, auto gain

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs BSE | NSE 10/02/12

At 11.53 hrs IST, the Nifty was trading above 4700 amid volatility. Reliance Communication, Hindalco, Reliance Infra and Hindustan Unilever were the top draggers to the Sensex post disappointing results announced by the companies over the weekend. The BSE Midcap & Smallcap Index was down 0.7% & 1.27% respectively. Realty, metal, Oil&Gas, IT continued to reel under pressure. The bulls were betting on pharma, auto & capital goods stocks.

The Sensex was up 8.99 points or 0.06% at 15905.27 inching toward the 16000 mark and the Nifty was up 12.70 points or 0.27% at 4724.40. About 1133 shares advanced, 1786 shares declined, and 844 shares were unchanged.

SAIL and JSW Steel reduced flat product prices. The stocks gained more than 1% each. Sources told CNBC-TV18 that Mahindra Satyam was likely to sign USD 200 million outsourcing deal with SAAB. The stock was trading marginally in the green.

ADAG stocks like Reliance Infra, Reliance Capital, Reliance Communication were down 3-4%.

In the midcap space, Bajaj Hindusthan gained 9%. The stock has been buzzing post news of Balrampur Chini buyout. Ashok Leyland, Piramal Healthcare, Bayer Cropscience & Hindustan Construction were up 4-5%. On the losing side, Indiabulls was down more than 9%. Stocks like Syndicate Bank, Dishman Pharma, Future Capital & KGN Industries were down 5-6%.

In the smallcap space Hawkins Cooker was the top gainer with 14.7% gain. Mukand was another smallcap stock with double digit percentage gain. Top losers on the BSE Smallcap were Genus Power, Godawari Power, Webel SL Energy, Forbes Gokak & Gwalior Chem down 9-12%.

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