Nifty opens quiet ahead of Union Budget

The benchmark Nifty gained further in early trade ahead of Union Budget 2011-12 today. Oil & gas, infrastructure, metal and financial companies' shares were supporting the markets. However, cement and select auto stocks were seeing selling pressure.

Among frontliners, IDFC, L&T, Jaiprakash Associates, Reliance Power, Sterlite Industries, PNB, Kotak Mahindra Bank and SBI were witnessing buying interest.

However, ACC, Ambuja Cements, Bajaj Auto, M&M, Hero Honda and Tata Motors were on sellers' radar.

At 9:16 hours IST, the 30-share BSE Sensex was trading at 17,773, up 73 points and the 50-share NSE Nifty rose 27 points to 5,331.

About 531 shares advanced while 235 shares declined on National Stock Exchange.

Coal India rallied 11% as the company increased coal prices by 30% w.e.f February 27th, reports CNBC-TV18 quoting sources. Coal price hike will affect cement industry and sponge iron industry.

Nalco fell 6% as company's CMD & his Wife arrested for taking bribe. Rs 30 Lakh and 10 kg gold were recovered from NALCO CMD's house. NALCO chief Srivastava suspended and B L Bagra is a new CMD.