Nifty stable, Nikkei at 4-yr high; Jubilant up 7.8%

Moneycontrol Bureau

Indian markets recovered from the scare witnessed Tuesday, but the Nifty continued to trade below the psychological 6000 mark. Its Japanese counterpart Nikkei hit a 4-year high, rising 3.82 percent after yen fell to 93 against a dollar.

The 30-share Sensex was up 65.79 points at 19725.61 in late morning trade. The broad-based Nifty advanced 23 points to trade at 5980.65.

Bank of Baroda strode up 2.50 percent to be the top grader on the Nifty. HDFC recorded 2 percent gains after it reduced interest rates by 10 bps. Jindal Steel and Tata Steel too were up nearly 2 percent and Sterlite rose 1.48 percent.

Coal India inched up a little after the Cabinet Committee on Economic Affairs (CCEA) gave in-principle approval to the price pooling mechanism wherein the prices of domestic and imported coal will be averaged to get a uniform price for coal in the country.

In the midcap space, Jubilant Foods gained 7.8 percent after getting battered on Tuesday. Sugar space continues to look up with Bajaj Hindustan and Balrampur Chini leading with 4-5 percent gains. On the losing side, United Bank was walloped after it posted dismal quaterly numbers. Greaves Cotton, Opto Circuit, CMC and Godrej Properties were the other midcap laggards.