Nifty holds 5550; RIL, NTPC, Infy, HDFC lead

Indian equity benchmarks continued their uptrend for the fifth consecutive session today amid choppy trade at 12:34 hours, especially since the budget day, supported by financial, auto, power, technology and Anil Dhirubhai Ambani Group (ADAG) companies' shares.

Further rise in Asian markets was leading the markets higher again. Shanghai, Hang Seng, Nikkei, Straits Times and Kospi gained 1-1.7%. Taiwan went up just 0.5%. Even oil prices were stable around USD 102 a barrel on the New York Mercantile Exchange. London brent crude was trading more than USD 115.5 a barrel.

Anand Tandon, CEO, JRG Securities warned that the oil shock may again deflate the economies fairly significantly.

Arguing further, Tandon said that the budget has created a perverse relief as expected sectors which were supposed to take a hit in terms of taxes have been spared.