Nifty above 5400; Tata Motors, L&T, Jindal Steel up

MUMBAI: Pull-back rally helped the Indian markets to gain momentum for second straight session Monday led by capital goods, auto and metals space. Rally in global markets also helped the bulls to stage a come-back.

“Friday’s bounce could well spill over into today’s session, at least in the early morning trade. The global cues are positive. The exit of Egypt’s autocratic ruler Hosni Mubarak and the subsequent drop in oil prices could aid the sentiment. For the Nifty, a breakout above 5400 should pave the way for an extension of the rally towards 5670 levels.

Watch out for ADAG stocks; besides the Q3 results investors will watch closely all other developments though enough clarifications have been issued. RIL could be a laggard amid reports of a hefty SEBI penalty in connection with the insider trading case. Other key result to keep an eye on today is that of GSK Pharma, Satyam, Unitech and Videocon,” said IIFL report.

At 12:30 pm; National Stock Exchange’s Nifty was at 5418.55, up 108.55 points or 2.04 per cent. The broader index touched a low of 5340.25 and high of 5432.70 in trade so far.

Bombay Stock Exchange’s Sensex was at 18079.85, up 351.24 points or 1.98 per cent. The broader index touched a low of 17857.12 and high of 18126.14 in trade so far.

BSE Midcap Index was up 2.68 per cent and BSE Smallcap Index moved 3.48 per cent higher.

Amongst sectoral indices, BSE Capital Goods Index was up 3.52 per cent, BSE Auto Index was up 2.98 per cent and BSE Metal Index gained 2.65 per cent. BSE Oil&gas Index was up 0.52 per cent.

Tata Motors (5.28%), L&T (4.62%), Jindal Steel (4.55%), Tata Power (3.43%) and Suzlon Energy (3.39%) were amongst the major Nifty gainers.

DLF (-1.23%), and Siemens (-0.17%) were the only losers.

Market breadth was positive on the NSE with 2312 losers against 434 gainers. 

                        BY PUSHPAM KR CHAURASIA
                              PGDM 2nd SEM