Sensex rebounds; Mah Satyam loses 5% post block deal

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 Sensex opened the session on a flat note as consolidation continued for the second day. Some metal stocks lost shine as dollar rebounded 0.8% yesterday. Technology and realty stocks were also under pressure while auto, banking and telecom stocks gained.

At 9:56 am, the Sensex was up 40 points at 16,736 and the Nifty gained 15 points at 4,967. The CNX Midcap went up 21 points to 7,070. About 457 shares advanced while 247 shares declined on the NSE.

Among the frontliners, Unitech, DLF, Tata Steel, Sterlite Industries, Jindal Steel & Power, TCS, Infosys, Cairn (crude slipped 3%) and SAIL were the losers in early trade.

However, Jaiprakash Associates, Bharti Airtel, HCL Tech, Maruti, Ranbaxy Labs, L&T, Ambuja Cements, HDFC, ICICI Bank, Tata Motors and ABB were the gainers.

Mahindra Satyam was down 5%. L&T sold 2.7 crore shares at Rs 112.45 per share, in a block deal. L&T was up 0.7%, as it raised Rs 303 crore via stake sale.

Midcap space:

WWIL was up another 12%, after 20% rally on Thursday. Cabinet had approved guidelines on HITS (Headend In The Sky) yesterday.

Gujarat Sidhee was up 3.5% and Mahindra Ugine shot up 5%.

Dhampur Sugar and Shree Renuka Sugars were up 1-2%.

However, Easter Silk lost 5%, after seeing rally in last few days. Divestment candidates like HMT, NMDC and ITI declined over 3%.

Global cues:

Asian markets were trading mixed. Shanghai was down 1%. Nikkei and Straits Times fell 0.2-0.4%. However, Hang Seng, Kospi, Jakarta and Taiwan Weighted were marginally down.

Continued on the next page..