The benchmark Sensex rallied over 300 points in the opening trade after two days' holiday. But the index shaved off more than 200 points from that early day's high due to profit booking. Asian markets too were down on profit booking after gains in previous sessions.
The 30-share BSE Sensex was trading at 16,773, up 96 points and the 50-share NSE Nifty rose 26 points to 5,027.
Anand Tandon of JRG Securities said the Nifty would face stiff resistance at 5300 level. However, the market look attractive below 4800 level, he said.
ONGC saw short covering; the stock gained 1%.
ICICI Bank, HDFC, Kotak Mahindra Bank, Wipro, Ambuja Cements, Reliance Industries, Bharti Airtel, Ranbaxy Labs, Sun Pharma and Dr Reddy's Labs were witnessing buying interest.
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