Nifty back above 4800 on positive global cues

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?

The Nifty started the day on a positive note following good global cues. The global markets rallied post encouraging US economic data. High beta stocks were seeing buying interest and potential divestment companies' shares jumped higher. The Nifty was trading above the 4,800 mark.

At 9:56 am, the Sensex rose 178 points to 16,242 and the Nifty gained 55 points at 4,820. The CNX Midcap went up 84 points to 6,776. About 652 shares advanced while 44 shares declined on the NSE.

Among the frontliners, Suzlon Energy, Jaiprakash Associate, Unitech, DLF, Tata Steel, Sterlite, Hindalco, Jindal Steel & Power, Siemens, Reliance Infrastructure and Reliance Industries were helping the markets. However, HUL was the loser.

Midcap space:

After a cabinet meeting yesterday, Home Minister, P Chidambaram said all unlisted PSUs (public sector undertakings) with a positive networth would be listed and a minimum of 10% of equity of all PSUs' would be held by public.

Divestment candidates like Hindustan Copper, ITI, RCF, HMT and NMDC were up 6-10%. IFCI gained 3% at Rs 51.

Rolta, Patni, Rolta and Polaris were up 3-4%.

Kingfisher Airlines and Jet Airways were up 0.7-1.5%.

However, Thinksoft Global and Austral Coke fell 3-4%.

Global cues:

Asian markets were trading higher. Hang Seng, Straits Times, Kospi and Jakarta gained 1-1.7%. Nikkei and Taiwan Weighted went up 0.9% each. Shanghai gained 0.6%.

The US markets rallied post encouraging economic data ahead of all important October job report. Senate voted to extend first-time homebuyer's tax credit through April 30.

Continued on the next page...