The Nifty jumped above 5100 level post announcement of September inflation numbers, which stand at very high levels, but have not risen from the August levels. The 30-share BSE Sensex rose 105 points to 16,989.17 and the 50-share NSE Nifty gained 26.5 points at 5,104.30. Major buying was seen in technology, oil & gas, power, capital goods, auto (barring Maruti), FMCG and banks stocks were leading the market higher.
Inflation for the month of September came in at 9.72% as against 9.78% in previous month, which was on expected lines. CNBC-TV18 poll saw it at 9.7%.
TCS was the leader among largecaps, gaining over 2%. Other largecaps like Reliance Industries, NTPC, BHEL and Wipro gained more than 1.4%.
ONGC, ITC, Bharti, Infosys, SBI, ICICI Bank and HUL moved up 0.7-1%. Jindal Steel was top gainer, rising 4%.
However, the sell-off continued in Coal India, DLF, Tata Steel, Sesa Goa and Maruti, which fell 2-5%. SAIL, Cipla, Sterlite, Hindalco, JP Associates, Reliance Infrastructure and Reliance Communications slipped 0.5-1%. HDFC and HDFC Bank were marginally lower.
The market breadth was mixed; about 682 shares advanced as against 649 shares declined on National Stock Exchange.
At 10:49 hours IST : Nifty hovers around 5078; Coal India, Sesa Goa plunge
The NSE benchmark was hovering around its previous closing value of 5078. Buying was seen in technology, FMCG, oil & gas and power stocks while metal, realty and HDFC group companies' shares were on sellers' radar. The 30-share BSE Sensex was trading at 16,943.06, up 59 points and the 50-share NSE Nifty was trading up 14 points to 5,091.6.
Portfolio manager PN Vijay feels that Indian stocks look very attractive for the long-term, but the market sentiment needs to improve for a genuine bull rally.
Heavyweights Reliance Industries and ONGC were trying to maintain positive trend on the market, gaining 0.5-0.7%.
JSPL surged nearly 3% after seeing sell-off in yesterday's trade. Technology space continued to trade higher for the third consecutive session after Infosys' Q2 results. TCS, Infosys, Wipro and HCL Tech were up 0.5-1%.
Even FMCG space was quite supportive - ITC and HUL rose 0.7% each. From the power pack, NTPC and Tata Power moved up 1% each.
SBI, BHEL, L&T and ICICI Bank were flat in trade - these stocks were playing a part in today's volatility.
However, metal stocks were under pressure. Coal India, Tata Steel and Sesa Goa tanked 3-4.5%. SAIL, Sterlite and Hindalco were down 1-1.7%.
From the realty space, DLF plunged 3.5%. Maruti Suzuki has remained on bears' radar due to labour problems at its Manesar plant, falling 2%.
About 616 shares advanced as against 636 shares declined on National Stock Exchange.
At 9:20 hours IST : Sensex volatile; metals & banks down, IT & FMCG gain
Indian equity benchmarks opened marginally lower, as they continue to consolidate for the second consecutive session. Benchmarks were hovering around their previous closing values. Metal and banking stocks were under pressure while technology and FMCG stocks were on buyers' radar.
Among frontliners, Sesa Goa, Hindalco, Tata Steel, Sterlite, SAIL, DLF, Coal India, SBI, ICICI Bank, Axis Bank, L&T and Maruti were down.
However, ITC, HUL, Grasim, Reliance Industries, Tata Power, NTPC, Bharti Airtel, TCS, HCL Tech, Infosys and Wipro were supporting the market.
New listing - Tijaria Polypies rallied 5% to Rs 63 a share on Day 1.
WWIL gained 2%. Dish TV and Hathway Cable were up nearly 1%.
Balaji Tele gained 4% ahead of quarterly results. BILT surged 3%.
Century Textiles rose 3% as there were reports that company may merge its cement business with Ultratech.
However, AP Paper lost 3% post disappointing second quarter results.
Kingfisher Airlines lost 3% as HPCL said it has suspended fuel supplies to Kingfisher in Delhi.
Dhanlaxmi Bank and Jubilant Foodworks were down 1.5%.
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