Nifty holds 5650 amid volatility; IT, banks gain

At 11:54 hours IST - the benchmark Nifty was holding the 5650 level amid extreme choppy trade today, led by support from technology, financial and select healthcare companies' shares along with ITC, NTPC and ACC. Heavyweight Reliance Industries was marginally in green but was playing major role in volatility today.

On other side, the sell-off continued in ADAG, metal, telecom, realty, capital goods and auto companies' shares along with ONGC, which limited gains. Investment Guru, Marc Faber is expecting mature economies to outperform EMs going forward. He said that that food inflation is more worrying in emerging markets and money printing will not lead to sustainable economic growth. On a concerned note, Faber added that Indian markets may see a correction of 20%. He also feels that there will be higher volatility in 2011 compared to last year. The 50-share NSE Nifty was trading at 5,671, with gain of 17 points and the 30-share BSE Sensex rose 73 points to 18,933. Among largecaps, TCS, ITC, HDFC, Infosys, Wipro, Kotak Mahindra Bank and Axis Bank rallied 1.5-2.4%. However, Anil Dhirubhai Ambani Group (ADAG) companies' shares like Reliance Infrastructure, Reliance Communications, Reliance Power and Reliance Capital tanked 3.7-5%. Jaiprakash Associates, Hero Honda, Sterlite Industries and Sesa Goa slipped 1.9-3.2%. Tata Coffee, SBI, Reliance Infrastructure, Reliance Industries, Tata Steel, HDFC, L&T and Tata Motors were most active shares on exchanges. In midcap space, Sanwaria Agro, BOC India, KGN Industries, KSK Energy Ventures and Glodyne Tech were up 3-5% while Jindal PolyFilm, Glenmark, ILandFS Transport, Shoppers Stop and Thermax lost 3-7%. In smallcap space, Tata Coffee rallied 11.92%. Bombay Burmah, Modern India, CCL Products and Sterling Holiday gained 6.7-9%. However, Parrys Sugar, Surana Industries, Spectacle Info, Centrum Finance and Heritage Foods fell 4.7-6.7%. About 1095 shares advanced as against 1468 shares declined on Bombay Stock Exchange. _PAGEBREAK_ Sensex consolidates; ADAG, capital goods, realty slip At 10:32 hours IST - equity benchmarks were witnessing volatility today after a massive fall seen in last two weeks led by rate sensitive and infrastructure stocks. Anil Dhirubhai Ambani Group (ADAG), realty, auto, metal and capital goods companies' shares were under pressure followed by Reliance Industries and Bharti Airtel. Reliance Industries and ICICI Bank were playing a major role in today's volatility. After the SEBI order that Anil Ambani & four directors would not invest in secondary market till December 2011, ADAG shares were on sellers' radar. Even Reliance Infra and RNRL would not invest in secondary market till December 2012, says SEBI. Reliance Communications, Reliance Infrastructure, Reliance Power and Reliance Capital lost 3-5%. L&T lost over 1.5% ahead of its Q3FY11 numbers today. DLF from realty pack tumbled over 2%. Sterlite Industries and Sesa Goa from metal space were down 2% & 3.3%, respectively. Jindal Steel and SAIL fell 0.6-1%. However, indices were getting support from financial, technology and healthcare companies' shares along with ITC. Infosys and Wipro were down 0.6% each. In financial space, SBI and HDFC Bank rose 0.5% each. Axis Bank ahead of numbers today gained 1.4% and Kotak Mahindra Bank went up 2%. The 30-share BSE Sensex was trading at 18,891, up 31 points and the 50-share NSE Nifty rose 2.75 points to 5,657. Breadth was negative; about 392 shares advanced as against 852 shares declined on National Stock Exchange. Ambareesh Baliga of Karvy Stock Broking said that the markets may possibly fall closer to 5,200.