RIL, ICICI Bank, DLF, TCS up

Equity benchmarks were extremely volatile in trade today at 12:33 hours. Heavyweight Reliance Industries was quite supportive; gained over 1.5% after DGH report. RIL gas output may touch 67 mmscmd by April and RIL will have 22 gas producing wells in April versus 18 now, says Directorate General of Hydrocarbons (DGH).

Auto, capital goods, realty and Anil Dhirubhai Ambani Group companies' shares too gained. TCS, ICICI Bank, Kotak Mahindra Bank and SAIL were trading higher as well.

However, healthcare, steel (barring SAIL) and FMCG companies' shares were witnessing selling pressure. Even Infosys, Bharti, HDFC, Cairn, ONGC, NTPC, SBI and Axis Bank were putting pressure on the markets.

The 30-share BSE Sensex was trading at 18,421, down 19 points and the 50-share NSE Nifty fell just 9 points to 5,511. However, the broader indices were marginally in green.

Currently global markets too were consolidating as they were closely watching the crude oil prices movement. Asian markets were flat to positive in trade.

London Brent crude cooled off to USD 112.3 a barrel from USD 115 a barrel in previous trade as Libya tensions eased for the time being and OPEC members reassured on ample spare capacity and discussions were on for a possible emergency meet. Saudi Oil Ministry said has enough spare capacity for oil markets.

In the midcap space, Bajaj Finserv, Shree Global, Mcleod Russel, Cox & Kings and S Kumars Nationwide 6-8% while Glenmark, Kalpataru Power, Monnet Ispat, Nava Bharat Ventures and India Infoline lost 2-4%.

In smallcap space, Entegra surged 20% as board approved equity raising upto Rs 1500 crore. Bhagwati Banquet, Tata Coffee, Midfield Inds and Talwalkars Fitness gained 9-13% whereas Urja Global, Shasun Pharma, R M Mohite, Lloyds Metals and Shree Nath Comm fell 4-10%.

Munish Varma, head of global markets at Deutsche Bank India said investors generally have been consciously optimistic on India. "There is very little debate and it is almost the consensus view that the structural growth story of India remains intact. However, people are concerned in the near-term on a couple of different trances, I know it is a well flat concern, oil prices leading to higher inflation, some concerns on the current account deficit and then some concerns regarding fiscal consolidation. But overall mood continues to be positive, optimistic but that is for the longer-term. In the short-term, there are these headwinds and there are these challenges that the market has to deal with."

L&T, BHEL, ITC, ONGC, TCS dip in the Market

The Nifty was sailing through choppy waters at 14:07 hours. Capital goods, FMCG, metal and select healthcare companies' shares were witnessing selling pressure. TCS, ONGC, Bharti, Tata Motors, ICICI Bank and PNB too were down.

London brent crude also touched USD 116 a barrel again, gained by USD 1.25 a barrel. Even the crude oil was trading near to USD 103 a barrel on the New York Mercantile Exchange.

Praveen Kumar, head-south Asia (Oil and Gas Team), FACTS Global Energy said the crude oil movement dependent on geopolitical tensions. “Brent is more reflective of physical crude market,” he said adding, “WTI prices more reflective of fundamentals at this point in time.”

Kumar expects crude to trade around USD 105 a barrel in 2011.

However, benchmarks were getting support from Infosys, Reliance Industries, HDFC, HDFC Bank, SBI, NTPC, Hero Honda and Maruti Suzuki. Reliance Power and Tata Power were the biggest gainers with 2.5-4% gains.

The 30-share BSE Sensex was trading at 18,522, up 32 points and the 50-share NSE Nifty gained 10 points at 5,546.

Bajaj Finserv, SBI, L&T, Tata Steel, Hero Honda, Infosys and Reliance Industries were the most active shares on exchanges.

In midcap space, Essar Shipping was locked at 10% upper circuit. Stride Arcolab, Bajaj Finserv, Aurobindo Pharma and Anant Raj Inds gained 4-5% while Money Matters, India Infoline, Ramky Infra, Gammon India and Dish TV India lost 3.5-4%.

In smallcap space, Vindhya Telelink, Nectar Life, Jindal Worldwid, Sequent Scient and Lloyds Metals rallied 9-12.5% whereas SML Isuzu, Atco Corp, Solar Inds, Ester Inds and Prabhav Industries fell 5%

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.