Nifty consolidates; JP Associates top gainer
Indian equity benchmarks were trading in a tight range since morning trade despite positive global cues. The Nifty was moving in a range of 5460-5495.
February 16, 2011 / 14:52 IST
Indian equity benchmarks were trading in a tight range since morning trade despite positive global cues. The Nifty was moving in a range of 5460-5495 at 14:44 hours.
Laurence Balanco of CLSA feels that the market is likely to consolidate at around 5,300. He said that the market has already seeing warning sign that it getting towards the end of the corrective move. Balanco suggested that it is best to use sell-off days as opportunities to accumulate long positions again. Metal, FMCG, power, cement and technology companies' shares were witnessing buying interest. Reliance Industries, L&T and SBI too were on buyers' radar.However, the sell-off remained in ONGC, HDFC, M&M, BHEL, Hindalco, HDFC Bank, Dr Reddy's Labs, Maruti, Cipla, Hero Honda, Bharti and Reliance Communications.The 50-share NSE Nifty was trading at 5,489, up 9 points and the 30-share BSE Sensex rose 38 points to 18,311. European markets inched up further with half a percent gain.Among largecaps - Jaiprakash Associates surged 4% on the back of short covering and some long build up. Jindal Steel, Tata Steel, Wipro, HUL, Ambuja Cements and Axis Bank were up 1-3%. However, HDFC, M&M, Hindalco, Tata Motors, ONGC, IDFC and Dr Reddy's Labs lost 1-3%.Tata Steel, SBI, JBF Industries, Unitech, LIC Housing Finance and Hindalco were the most active shares on exchanges.In midcap space, Uttam Galva, SpiceJet, Coromandel International, A2Z Maintenance and Whirlpool rallied 7-12% whereas Jyothy Labs, Sintex India, Jubilant Life, Den Networks and Shree Renuka lost 3-5%.In smallcap space, Tanla Solutions, Graviss Hosp, Globus Spirits, Zandu Realty and Nitesh Estates gained 10-20%. However, Ashiana Housing, AP Paper Mills, R M Mohite, India Securities and Urja Global slipped 5-6%.About 1613 shares advanced as against 1,145 shares declined on Bombay Stock Exchange._PAGEBREAK_Nifty hits 5500 amid volatility; breadth positiveThe benchmark Nifty has touched the 5500-mark in afternoon trade amid a choppy trade, supported by metal, infrastructure, FMCG and cement companies' shares. Reliance Industries, TCS, SBI and ICICI Bank too were leading the markets higher at 13:25 hours.Amisha Vora of Prabhudas Lilladher said that the market may test 5600-5650 in the pre-budget weeks.
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