Nifty bounces back above 5700; BHEL gains post nos

At 12:14 hours IST - markets showed smart recovery from day's low in afternoon trade, led by heavyweights like Reliance Industries, SBI, ICICI Bank, BHEL, NTPC and TCS along with Anil Dhirubhai Ambani Group companies' shares. The benchmark Sensex bounced back above the 19,000-mark and Nifty too above 5700 level but there was extreme volatility at these levels as they have been facing selling pressure at same levels.

Anil Manghnani of Modern Shares & Stock Brokers believes that as long as Nifty continues to hold 5,600, there is still a possibility that the market can rally back to 5,830-5,900 levels before the next round of selling resumes. "Even if 5,600 breaks there is a lot of support up to 5,530-5,550 levels. Hence, maybe, we will get a false break just below and a bounce back above. The selling may partially cool off and you get that move up to 5,850-5,900 levels. However, at around 5,900 levels, I would buy puts or open Nifty shorts because then the fall would again resume," he says. However, there was a cap on upside due to sell-off in Wipro, Infosys, ONGC, Bharti, HDFC, HDFC Bank and Maruti along with FMCG and metal companies' shares. The 30-share BSE Sensex was trading at 19,033, down 12 points and the 50-share NSE Nifty fell 4 points to 5,707. However, the broader indices were on buyers' radar and gained 0.65-0.9%. About 833 shares advanced as against 441 shares declined on National Stock Exchange. Heavyweight BHEL rallied 3.05% after 30.88% jump in Q3FY11 net profit to Rs 1,403 crore and 24.63% in net sales to Rs 8,849 cr (YoY). Among others, SBI, Reliance Communications, Reliance Industries (ahead of numbers today evening), Reliance Infrastructure, BPCL, Suzlon Energy and Sesa Goa gained 1.5-2.4%. However, Wipro fell four percent on the back of quarterly numbers; dip in volumes could be a reason behind fall in stock price. Its Q3 net profit was up 3.4% to Rs 1,319 crore and dollar denominated Global IT revenues went up by 5.6% to USD 1.34 billion (QoQ), which were in-line with estimates. Infosys was down 1.4% and HCL Tech down 0.5%. TCS was up 0.25%. Sterlite Industries, Jindal Steel, HDFC, and Tata Power fell 1.6-1.8%. ONGC tanked 1.81% as oil spill was reported from ONGC`s fields off Mumbai coast, reports CNBC-TV18. In midcap space, BOC India, Peninsula Land, Alok Industries, IRB Infra and Bata India went up 3.6-5.4% whereas Persistent, KGN Industries, Marico, Jyothy Labs and Kirloskar Brothers lost 2.6-5.8%. In smallcap space, Valecha Engg, Surana Inds, Splash Media, Odyssey Finance and Kama Holdings jumped 8-10% while Rossell Tea, India Securities, Gokaldas Export, Garware Offshore and Spectacle Info slipped 3-5%. _PAGEBREAK_ Nifty struggles at 5700; Wipro, Bharti, Infy dip At 10:45 hours IST - equity benchmarks were extremely volatile in trade, with a negative bias amid tight range. Technology, healthcare, FMCG, metal and private financial companies' shares were pulling the markets down, along with Bharti Airtel, ONGC and Maruti. The 50-share NSE Nifty and 30-share BSE Sensex were trying very hard to get back above 5,700 and 19,000 levels, respectively. Respective indices were down 25 points and 88 points to 5,687 and 18,957 88. Gautam Shah of JM Financial sees support for the Sensex & the Nifty at 18700 and 5600. "The market continues to trade just above the 200-DMA which once broken could trigger forced unwinding." However, heavyweights like Reliance Industries, BHEL, SBI and NTPC were providing support to markets. Anil Dhirubhai Ambani Group companies' shares too were quite supportive. Wipro was the leading loser with 3.6% fall after its Q3FY11 numbers. Its Q3 net profit was up 3.4% to Rs 1,319 crore and dollar denominated Global IT revenues went up by 5.6% to USD 1.34 billion (QoQ), which were in-line with estimates. Suresh Vaswani and Girish Paranjpe stepped down as Joint CEOs. Now TK Kurien will be new CEO of Wipro. Other technology stocks were under pressure - Infosys was down 1.5% and HCL Tech down 0.8%. TCS was flat. Ahead of Q3FY11 earnings today, ITC slipped 0.7% while Reliance Industries, BHEL and PNB gained 1.25-1.5%. Among frontliners, HDFC, Sterlite Industries, Bharti Airtel and Jindal Steel were down 1.3-1.9%. However, Reliance Communications, M&M, Reliance Infrastructure, Bajaj Auto, Sesa Goa, PNB and Reliance Power gained 1.2-1.8%. In midcap space, BOC India, KGN Industries, Peninsula Land, Alok Industries and Dish TV India rallied 3.4-8% while Persistent, Kirloskar Brothers, Marico, Jyothy Labs and Shiv Vani Oil lost 2.4-7.8%. In smallcap space, Splash Media, Surana Industries, Kama Holdings, Marathon Nextgen and Zodiac Clothing jumped 7.4-9.5% whereas Rossell Tea, India Securities, Rollatainers, Sterling Holiday and Zenith Infotech fell 4-9%. Adani Enterprises, LIC Housing Finance, Tata Coffee, SBI, Reliance Industries and ICICI Bank were most active shares on exchanges. About 1486 shares advanced as against 914 shares declined on Bombay Stock Exchange. _PAGEBREAK_ Nifty choppy, awaits RIL, BHEL, ITC nos; Wipro dips The benchmark Nifty retreated on Friday and shaved off yesteday's gains amid extreme volatility. The index was trying to hold 5700 level and the Sensex too with 19000-mark. Technology, metal, FMCG and private financial companies' shares were on sellers' radar whereas capital goods, Anil Dhirubhai Ambani Group and stocks (which will announce results today) were on buyers' radar. Wipro tanked 3% post Q3FY11 numbers. Its Q3 net profit was up 3.4% to Rs 1,319 crore and dollar denominated Global IT revenues went up by 5.6% to USD 1.34 billion (QoQ). Suresh Vaswani and Girish Paranjpe stepped down as Joint CEOs. Now TK Kurien will be new CEO of Wipro. Among frontliners, Sterlite Industries, Hindalco, Power Grid, BPCL, Bharti Airtel, Tata Motors, ICICI Bank, HDFC Bank, Axis Bank, ONGC, Infosys and TCS were witnessing selling pressure. However, Reliance Industries, BHEL and PNB were trading with 0.7% rise ahead of their numbers today. L&T and NTPC were other gainers in trade. At 9:17 hours IST, the 30-share BSE Sensex was trading at 18,964, down 84 points and the 50-share NSE Nifty slipped 23 points to 5,688. However, the CNX Midcap rose 11 points to 8,213 and the Nifty Junior went up just 9 points to 11,361. About 345 shares advanced as against 280 shares declined on National Stock Exchange. Midcap & Smallcap space: NIIT Limited rallied 5% ahead of numbers. KPIT Cummins was up 0.9%. Orchid Chemical up 1%. Shasun Chemical and Cadila Healthcare jumped 3% each. TVS Motor rose 2%. SREI Infra was up 3%. Global cues: Asian markets were trading mixed. Shanghai bounced back with 1.9% jump. Hang Seng and Taiwan rose 0.2-0.5%. However, Nikkei and Kospi fell 0.9% each. The US markets recovered from day's low amid mixed economic data, results from US and continuous interest rate hike talks from China post strong macro data. Commodities retreated on Thursday. The Dow Jones Industrial Average ended down 2.5 points at 11823, after showing recovery of 78 points from day's low of 11,745. The Nasdaq Composite was down 21 points at 2,704, after seeing recovery of 19 points from day's low of 2686. The S&P 500 Index ended down 1.7 pionts at 1280, after seeing recovery of 9 points from day's low of 1,271. Commodities February gold contract was down 1.5% at USD 1345.6/ounce, hit its lowest levels in 2 months March silver contract declined 4.2% at USD 27.47/ounce, lowest levels in over 1.5 months March crude oil contract was down 2.3% at USD 89.61/bbl, hit its worst levels in about two weeks February natural gas contract was up 2.5% at USD 4.69 per MMBtu F&O cues: Total Nifty futures up Rs 818 crore, Options down Rs 801 crore Stock futures net add 3.45 crore shares in Open Int Nifty Fut Open Int net shed 1.8 lakh shares in Open Int; Nifty futures prme at 8 pts versus discount at 2 pts Nifty Open Int PCR up at 0.91 from 0.88 Nifty Put add 6.5 shares in Open Int, Call shed 23.4 shares in Open Int Highest Open Int outstanding on call side at 6200 call, 6000 call, 5600 Put, 5500 put Nifty Feb 5600 Put add 4.7 lakh shares in Open Int Nifty Feb 5500 Put add 4.5 lakh shares in Open Int Nifty Feb 5900 Call add 2.8 lakh shares in Open Int Nifty Feb 5400 Put add 2.8 lakh shares in Open Int Nifty Jan 5700 Call shed 15.8 lakh shares in Open Int Nifty Jan 6200 Call shed 5.6 lakh shares in Open Int Nifty Jan 5900 Call shed 4.9 lakh shares in Open Int Nifty Jan 5800 Call shed 2.8 lakh shares in Open Int