January 04, 2011 / 14:20 IST
At 14:14 hours IST - the 50-share NSE Nifty rebounded in afternoon trade, especially due to further buying in heavyweight Reliance Industries followed by FMCG, technology, power, healthcare and select metal companies' shares. The index was holding 6150 level but the volatility still remained.
The sell-off in financial, telecom and select auto companies' shares along with BHEL, Hindalco, Tata Steel, ONGC and DLF, which aided to that volatility.The Sensex rose 29 points to 20,590 and the Nifty was trading at 6,170, with gain of 12 points. Even broader indices followed the same trend todayAmong frontliners, Reliance Infrastructure, HUL, ITC, Reliance Industries, Jindal Steel and Cairn India moved up 1.5-3%. Suzlon Energy was trading at Rs 56.55, up 4.34%; Gamesa is looking at picking up majority stake in Suzlon and deal is likely to value Suzlon at market cap of around USD 3 billion, reports CNBC-TV18 quoting sources. However, Bajaj Auto, ICICI Bank, SBI, HDFC Bank and Reliance Communications were down 1.6-3.3%.In midcap space, Kirloskar Brothers, Kwality Dairy, Zydus Wellness, Peninsula Land and UTV Software gained 4.6-9% while Dewan Housing, Allahabad Bank, KGN Industries, Money Matters and Amtek Auto slipped 3-5%.In smallcap space, Varun Industries and Mandhana Industries rallied 18%. Shasun Chemical, Infinite Comp and Advanta were up 7-11.5% while SE Investments, Ganesh Housing, Timken, Spectacle Info and Midfield Ind declined 5-7.6%.About 1517 shares advanced as against 1310 shares declined on Bombay Stock Exchange._PAGEBREAK_Nifty in narrow range; RIL, ITC, NTPC, HUL, Infy, Cairn upAt 12:54 hours IST - equity benchmarks were consolidating at around yesterday's closing values after seeing rally in previous four sessions. The Nifty was trading in a narrow range of 6125-6160, with a negative bias. Financial, telecom, capital goods, realty and auto companies' shares were on sellers' radar along with Hindalco, ONGC, TCS and Tata Steel. The 30-share BSE Sensex was trading at 20,499, with loss of 61 points and the 50-share NSE Nifty declined 15 points to 6,142. Experts are bullish on Indian markets, even though the year kick-started with tepid volumes and just about a modest price appreciation. Kalpana Morparia, CEO, JP Morgan is expecting the Sensex to be at 24,000 by the year-end. She said,
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