Sensex volatile; Infy, SBI, ITC slip, Bharti, ONGC, BHEL up

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At 14:28 hours IST, the Nifty slipped into the red again after showing small bout of recovery by hitting the 4700 mark. Equity benchmarks were seeing extreme volatility. Shares of banking, technology, FMCG, auto, pharma and cement companies were witnessing selling pressure. Reliance Industries, NTPC, L&T, HDFC and DLF declined 1.5-2.5%.

However, buying in telecom and select power stocks capped the losses to some extent. ONGC, GAIL, Reliance Capital and Tata Steel were up 1.4%, 5%, 4.8% and 1.8%, respectively.

The Sensex fell 99 points to 15,812 and the Nifty declined 22 points to 4,688. However, the broader indices gained 0.7% each. The market breadth was positive; about 1,652 shares advanced while 1,307 shares declined on the BSE. Nearly 805 shares were unchanged. On the global front, European markets were down over 1.3%. US index futures slipped over 0.5%.

According to sources, Cabinet Secretary will review FDI (foreign direct investment) norm in aviation on November 17. Jet Airways and Kingfisher Airlines were up 5-6%. SpiceJet shot up 8%.

In the telecom space, Bharti Airtel, Reliance Communication, Idea Cellular, Tata Teleservices, MTNL and Tata Communication were up 1-3.6%.

Suzlon Energy surged 6.80% in the power space. Torrent Power, Lanco Infratech, Neyveli Lignite, Reliance Power, NHPC, BHEL, Reliance Infrastructure and Power Grid Corp went up 1-5%.

In the midcap space, Wockhardt, Spice Communication, IFCI and National Fertiliser gained 7-14% while Puravankara Projects, Bannariamman, India Cements, Nagarjuna Construction and Anant Raj Industries fell 3.7-5.7%.

In the smallcap space, Murli shot up 17%. Hexaware Tech, Webel SL Energy and Banco Products went up 8%. However, Prime Securities, PVP Ventures, Jindal Worldwid, Advani Hotels and Energy Dev lost 4-6%.

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