Sensex volatile; banks, cement up, BHEL, Bharti, L&T dip

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs Nifty BSE | NSE 31/05/12 Are Mutual Funds betting on Nifty?

At 11:08 hours IST, the Sensex was trading marginally higher along with some volatility and was hovering around the 16,600 level while the Nifty stayed above the 4,900 mark. ADAG (Anil Dhirubhai Ambani Group) and Mukesh Ambani group companies' shares were seeing buying interest as there were reports that both brothers may be looking for out-of-court settlement. But RNRL in a statement to the exchanges said rumours of out-of-court settlement were baseless and speculative.

Reliance Industries was up 2.5%, as the company announced first oil discovery in Cambay Basin, wherein RIL holds 100% participating interest. Reliance Infrastructure, Reliance Power and Reliance Capital gained 1-2%. RNRL was up 3.7%. 

Banking, cement and select power stocks were seeing buying interest while capital goods, FMCG stocks, and heavyweight Bharti were under pressure. There was a mixed trend in auto and metal stocks.

The Nifty went up 17 points to 4,915 and the Sensex gained 61 points at 16,560. The broader indices were up 0.5-0.8%, as the market breadth was positive. About 785 shares advanced while 421 shares declined on the NSE. However, the Nifty November future was trading with 8 points discount.

Reliance Industries, SBI, ICICI Bank, Tata Motors, Wipro and ACC were leading counters while BHEL, ONGC, Bharti Airtel, Maruti, Hero Honda, L&T, DLF and Tata Steel were losers.

Lanco Infratech will invest Rs 1,300 crore for setting up 150 MW polysilicon unit in Orissa. The stock was flat.

Siemens gained 2%, as it bagged order worth Rs 608 crore from Qatar General Electricity.

Alstom Projects went up 2.6%, as it received order worth Rs 365 crore from Hindalco.

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