Nifty hovers around 5900, UB group stocks hold firm

The market seemed to be quiet today as the Nifty was hovering around 5900. Select commodities dragged, while pharma stocks have lend their supports.

Broader markets have performed slightly better. The Sensex was down 18.33 points at 19482.75, and the Nifty lost 6.25 points to be at 5891.95. Top gainers on the Sensex are ONGC, Cipla, NTPC, HUL and Infosys. UB group stocks were buzzing in trade today. United Breweries gained 4.4% while Kingfisher Airlines was still up 5%. UB holdings has sought shareholders' nod to raise the limit of its loans to Kingfisher Airlines to Rs 750 crore from Rs 300 crore. The limit for investment has been reduced to Rs 750 crore from Rs 1200 crores. The move is being seen as an attempt to bail out Kingfisher and reduce the exposure of its lenders. On the losing side are Bharti Airtel (down 2.3%), Gail (down 1.8%), Coal India and  RIL. Meanwhile, a meeting between power sector heavyweights, top bankers and the power minister, Jyotiraditya Scindia is currently underway, to discuss issues hurting fresh investment in the sector. Among the issues, likely to figure in the discussion, are streamlining of fuel availability for a cumulative 90,000 megawatt power capacity, a review of the national tariff policy and coal price pooling.