Nifty bounces back above 5700; financials, IT lead
At 14:28 hours IST - Indian equities showed smart bounce back in last few minutes of trade led by gains in financial, technology (barring Wipro), power and Anil Dhirubhai Ambani Group companies' shares along with Hero Honda, Hindalco and Sun Pharma.
January 20, 2011 / 14:46 IST
At 14:28 hours IST - Indian equities showed smart bounce back in last few minutes of trade led by gains in financial, technology (barring Wipro), power and Anil Dhirubhai Ambani Group companies' shares along with Hero Honda, Hindalco and Sun Pharma.
The Nifty has touched 5700 level but it was extremely volatile in trade. Naresh Kothari president of Edelweiss Capital expects this trend to continue in the first half of this calendar year.However, heavyweights ONGC, Reliance Industries, ITC and Bharti Airtel continued to trade lower with 1-25 fall. Sterlite, SAIL, Tata Steel, Tata Motors, Maruti, Ranbaxy, DLF and Bajaj Auto were other losers.The 50-share NSE Nifty gained just 5 points at 5,696 and the 30-share BSE Sensex rose 13 points to 18,991 after seeing recovery of more than 50 points and 150 points from day's low.Heavyweight ICICI Bank shot up 3.25% followed by SBI, HDFC Bank, HDFC, Axis Bank, Kotak Mahindra Bank and IDFC with 1-2% rise. ICICI Bank added 8 lakh shares in open interest.TCS, Infosys and Wipro from technology pack gained 0.5-1.9%. Cement space also added strength - ACC and Ambuja Cements went up 0.75-1%.Anil Dhirubhai Ambani Group companies' shares like Reliance Communications, Reliance Power and Reliance Capital were up 0.8-1.8% while Reliance Infrastructure was flat.PSU power shares like NTPC and Power Grid were up one percent each. Sun Pharma, Hero Honda, JSPL, Hindalco, Sesa Goa and M&M rallied 1-2%.M&M Financial, SKS Microfinance, Bajaj Electrical, Gujarat Flourochem and Orchid Chemical rallied 4-7% while Kirloskar Brothers, HCL Info, Torrent Pharma, Thermax and KGN Industries slipped 4-5%.In smallcap space, Ajanta Pharma, Lloyds Steel, Lloyds Metals, Indo Rama and Manaksia shot up 6-16% whereas Splash Media, Surana Inds, Zodiac Clothing, Hindustan Media and Agro Tech Foods were down 5.7-10%._PAGEBREAK_Nifty in tight range on downside; RIL, ONGC, ITC dragAt 13:57 hours IST - the benchmark Nifty was trading in a tight range of 5650-5680 on downside since the beginning of trade today. Heavyweights Reliance Industries, ONGC and ITC were the leading draggers with fall of 2% each, followed by SBI, Bharti, Sterlite and Tata Motors. Weak global cues also weighed on Indian benchmarks. European markets were down about half a percent. Asian markets too closed lower today - Shanghai plunged 2.9% and Hang Seng lost 1.7%. Nikkei and Straits Times were down 1% each. Kospi and Taiwan declined 0.4% each.The market is in a corrective phase and traders needs to be cautious, says Deven Choksey of KR Choksey Securities.The 30-share BSE Sensex was trading at 18,878, down 99 points and the 50-share NSE Nifty fell 30 points to 5,661.Among frontliners TCS, Hero Honda, Jindal Steel, ICICI Bank, M&M, Sesa Goa and Sun Pharma gained 0.5-1.3% while Sterlite Industries, Reliance Industries, ITC, ONGC, Bajaj Auto and GAIL lost 1.5-3.6%.New listing - C Mahendra Exports was trading at Rs 112.15 as against issue price of Rs 110 a share.Tata Coffee, Reliance Industries, SKS Microfinance, SBI, Tata Steel and LIC Housing Finance were most active shares on exchanges._PAGEBREAK_Nifty tests 5650 again; oil & gas, financials slipAt 12:36 hours IST - the benchmark Nifty has tested 5,650 again on the back sell-off in oil & gas, financial, telecom, metal, FMCG and select auto companies' shares. Asian markets too slipped further; Shanghai tumbled 2.7% and Hang Seng lost 1.7%. Nikkei and Straits Times were down 1% each. Kospi and Taiwan fell 0.4% each.Suresh Mahadevan, managing director and head of Indian equities at UBS Securities doesn't see much downside from current levels.However, he doesn
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