Strong Global Cues

The benchmark Nifty continued the uptrend for fifth consecutive session today following strong global cues, supported by good US economic data and stable oil prices. The Nifty has touched the 5600-mark for the first time since January 28, 2011.

Among frontliners, M&M, Bajaj Auto, PNB, Axis Bank, ICICI Bank, Reliance Infrastructure, Reliance Communications, Reliance Industries, Jaiprakash Associates, Infosys, SBI, Tata Steel, Sterlite and Sesa Goa were witnessing buying interest.

However, Bharti Airtel, HUL, ITC and ONGC were only losers in early trade.

At 9:17 hours IST, the 30-share BSE Sensex was trading at 18,678, up 189 points and the 50-share NSE Nifty rallied 53 points to 5,589.

About 606 shares advanced as against 155 shares declined on National Stock Exchange. The CNX Midcap went up 70 points to 7,705.

Midcap & Smallcap space:

Continued the rally in today's trade as well - Essar Shipping surged 6%. Bajaj Finserv and Camlin were up 5%.

Lanco Infratech went up 2%. DCB, South Indian Bank and OBC gained over 2%.

Mphasis was up 1.6% as company disclosed pricing and segmental pricing after analyst badger the stock for lack of disclosures.

Nifty slips fresh air strike in East Libya

Indian equity slipped again amid a choppy trade at 14:11 hours, led by profit booking in oil & gas, metal and technology (except TCS) companies' shares. The Nifty was hovering around the 5500-mark as SBI, ICICI Bank, NTPC and Bharti Airtel too were down. Breadth also turned into negative; about 543 shares advanced as against 733 shares declined on the National Stock Exchange.

Libya concerns are not over yet. There were reports from agencies that fresh air strike has hit Brega oil terminal in East Libya, reports CNBC-TV18. Crude oil inching up towards USD 102 a barrel; was trading at USD 101.82 a barrel, down just 0.4%. London Brent crude fell just 0.35 a barrel to USD 116 a barrel.

However, indices were showed smart recovery couple of hours back after the Libyan leader Gaddafi has accepted peace plan to end crisis in Libya. Both Libyan leader Muammar Gaddafi and the president of the Arab League have agreed to a peace plan from Venezuela's President Hugo Chavez to end the crisis in the North African country, reports CNBC-TV18 quoting Reuters.

The 50-share NSE Nifty fell 35 points to 5,488 and the 30-share BSE Sensex was trading at 18,327, down 119 points. However, global markets were trading in green as they already factored in rise in crude oil prices.

Among Asian markets - Kospi shot up 2%. Nikkei, Straits Times, Taiwan and Hang Seng were up 0.5-1.4% while Shanghai was down 0.3%. European markets were moderately in green.

Buying continued in capital goods, auto, HDFC group and cement companies' shares. TCS, Tata Power, HUL, Ranbaxy Labs and Jaiprakash Associates too were in green.

In largecaps, Tata Power, HDFC, Reliance Communications, BHEL, HDFC Bank, GAIL and Cairn India were up 2-3% while Reliance Infrastructure, Bharti Airtel, Infosys, Sterlite Inds, Hindalco, IDFC, Sun Pharma, BPCL and Suzlon Energy tumbled 3-5%.

In midcap space, Bajaj Finserv shot up 20% as Berkshire Hathway tied up with Bajaj Allianz for general insurance.

Essar Shipping, Deccan Chronicle, Jubilant Life and Money Matters gained 5-9% while S Kumars Nationwide, Bajaj Corp, Prestige Estate, Aurobindo Pharma and Unichem Labs lost 4-7%.

In smallcap space, Vindhya Telelink surged 20% and TTK Healthcare went up 14%. TTK Prestige, Modern India and Sequent Scient rallied 9-12%. However, Fame India, Asian Hotel (E), Parenteral Drug, Prabhav Indus and Gateway Distriparks fell 5-6%.

Nifty Consolidates: RIL dips

The Nifty slipped in opening trade on the back of profit booking as indices had rallied 3.5% on Tuesday. But index has managed to show some recovery and was witnessing a consolidation.

Rise in crude oil prices to USD 103 a barrel due to ongoing geopolitical concerns related to the Middle East and North Africa was also impacting markets a bit. Indian markets were shut on Wednesday.

BPCL, L&T, IDFC, Reliance Infrastructure, ICICI Bank, Axis Bank, Infosys, HCL Tech, Sesa Goa, SAIL, JSPL, Tata Steel, Sterlite Industries, TCS, Reliance Industries and Jaiprakash Associates were dragging the markets down.

However, Cairn, Ambuja Cements, ONGC, HDFC, Kotak Mahindra Bank, HUL, ITC, Hero Honda and Bajaj Auto (after monthly sales numbers) were supporting the markets.

At 9:17 hours, the 30-share BSE Sensex was trading at 18,323, down 123 points and the 50-share NSE Nifty fell 35 points to 5,487.

The CNX Midcap Index declined 33 points to 7,576. About 249 shares advanced as against 576 shares declined on National Stock Exchange.

Cricket World Cup 2011

Petrol Prices rise by Rs 2/litre soon

A day after the budget failed to announce any measures to stem revenue losses of state oil firms, sources in the finance ministry that petrol prices might rise once again shortly.

On the back of raving inflation and rising input costs, the prices of petrol are likely to be hiked by Rs 2 per litre.

"I hope the (global crude oil) prices will come down," IOC finance director SV Narasimhan said. He refused to say by when the company could raise petrol prices. "IOC's daily revenue loss on fuel sales now stood at Rs 216 crore," he said.

Petrol prices in India are market-linked, but diesel, cooking gas and kerosene rates are set by the federal government, which partly compensates state oil firms for their losses when global crude oil prices increase.