Nifty volatile; pvt banking, ADAG stocks up

The benchmark Nifty was quiet in opening trade and was hovering just around its previous closing value, especially after a deep cut seen on Wednesday. Realty, technology and metal companies' shares were under pressure while ADAG, auto and private financials were seeing buying interest.

Overall environment - 35-50% fall in midcaps along with largecaps - is all reflective of bear markets, says Vibhav Kapoor of IL&FS. He sees 5100-5200 on Nifty at least as a bottom for short term.

Anil Dhirubhai Ambani Group companies' shares bounced back on short covering after a sharp fall seen yesterday. Reliance Infrastructure, Reliance Capital, Reliance Communications and Reliance Power gained 4-8%.

Among frontliners, SAIL, Jaiprakash Associates, Suzlon Tata Motors, TCS, NTPC and BHEL were on buyers' radar.

However, Dr Reddy's Labs, Ambuja Cements, DLF, JSPL, Bharti and Infosys were witnessing selling pressure.

New listing - Omkar Speciality was trading at Rs 63, down 36% as compared to issue price of Rs 98 a share.

Pravin Herlekar, CMD of company Omkar Speciality Chemicals said major expansion would add more revenues in FY12-13. "In current year, we had a target of Rs 100 in revenues and we alread crossed Rs 92 crore. We will add 200 metric tonnes in capacity next year, so we expect 35% growth or Rs 135-140 crore in revenues of FY11-12," he said.

Midcap & Smallcap space:

Idea Cellular tanked 7%. Parsvnath tanked 20%. DB Realty was down 7% and Unitech down 5%.

Allied Digital plunged 10%

However, Punj Lloyd, Jain Irrigation, Lanco Infratech and GMR Infra gained 2-3%.

Firstsource rose 3% and Bombay Rayon was up 0.7% post quarterly results.

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Global cues:

Asian markets were down barring Shanghai. Hang Seng, Straits Times, Kospi and Taiwan fell 0.6-1%. However, Shanghai rose 0.7%.

The US markets ended flat amid Ben Bernanke