Sensex volatile; Tata Steel up 4.5% despite loss in Q3

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Indian equity market was completely lacklustre in the morning trade while Asian peers were under pressure on doubts over Greek debt deal that was approved yesterday. The Nifty managed to hold the 5400 mark, trading up 10 points at 5,422. Meanwhile, the Sensex rose 45 points to 17,875.51.
 
However, technical experts believe the market would cross the 6300 level on the Nifty. Sudarshan Sukhani, s2analytics.com is bullish on the market. "The Nifty is in a bull market and should cross 6,300," he adds. According to him, the market is giving clear sign that the uptrend is very strong. He advises investors to stay long.

Shares of Tata Steel topped the buying list, rising 4.5% even after the company reported a loss of Rs 600 crore in Q3FY12.

L&T, Tata Motors, Bharti Airtel, ONGC, M&M, Bajaj Auto and Tata Power were supporting the market, gaining 0.7-1.5%. SBI and Wipro were marginally higher.

However, Infosys, ICICI Bank, HDFC Bank, TCS, BHEL, Hindalco and Cipla were down 0.5-0.75%. Even index heavyweight Reliance Industries was marginally in the red.

The broader indices outperformed benchmarks - the BSE Midcap Index was up 0.85% and Smallcap up 1%.

Shares of oil marketing companies were on buyers' radar after stellar performance by HPCL in Q3. HPCL shot up 7%; BPCL (ahead of numbers today) and IOC gained 3.5-4.5%.

At 9:19 hours IST : Nifty holds 5400 amid choppy trade; HPCL shoots up 6%

The Sensex opened volatile and with moderate losses, but turned positive soon after. Even the Nifty managed to hold the 5400 mark quite nicely, supported by Reliance, SBI, Bharti. Metals, power, auto and FMCG stocks. However, Infosys, ICICI Bank, DLF and L&T were down.

The BSE benchmark rose 48 points to 17,878.46 and the NSE benchmark gained 11 points at 5,423.75.

The market is waiting for industrial output data. CNBC-TV18 poll sees at 3.45% in December versus 5.9% in previous month.

On the global front, Greece polity finally has an agreement on austerity on Thursday; Greek Finance Minister said they have struck a deal with private bondholders. But global markets were flat yesterday even after this deal approved. 

Back home, BPCL gained 3% ahead of results. HPCL shot up 6% post the company reported a PAT of Rs 2725 crore in Q3FY12 as against Rs 211 crore YoY.

The CNX Midcap rose 46 points to 7579. About two shares advanced for every share falling on the National Stock Exchange.

In the second line shares, Shasun Pharma was locked at 20% upper circuit after its Q3 net profit spiked to Rs 12.6 crore versus Rs 36 lakh YoY.  

HCC, SREI Infrastructure and Manappuram Finance were up 1-3%. DEN Networks jumped 5%.

Numeric Power Systems shot up 20% as the company agreed to sell UPS division to Indo Asian Electric Pvt. Ltd - a wholly owned subsidiary of Legrand France SA for a consideration of Rs 837.08 crore.

However, Essar Oil was down nearly 1% ahead of numbers.