The Nifty tested 4800-level amid choppy trade; index heavyweight Reliance Industries was the prominent gainer, rising over 2%. Hindalco topped the buying list, gaining 5%. The Sensex was up 162.95 points at 16,033.30 and the Nifty went up 44.95 points at 4,809.55.
Short covering pushed Reliance Industries and Hindalco higher in the afternoon trade. Infosys, ITC, SBI, HDFC Bank, Bharti Airtel, BHEL and HUL gained over 1%.
Among others, M&M, JSPL, Tata Steel, Bajaj Auto, NTPC and Hero Motocorp moved up 1.5-2.5%.
However, capital goods major maintained its top position in the selling list, falling 1.7%. ONGC, TCS and Wipro fell 0.3-0.8%.
Among midcaps, Areva T&D, Vaarad Ventures, Mcleod Russel, Godrej Industries and Shipping Corp rallied 3.5-5% while Cox & Kings, Apollo Hospital, Pantaloon Retail, Jain Irrigation and Rallis India dropped 6-8%.
At 14:21 hours IST : Nifty choppy; L&T, ICICI Bank, HDFC, ONGC under pressure
The market gave up gains again amid volatility, weighed down by L&T, ICICI Bank and ONGC. Other largecaps like TCS, HDFC, SBI and Wipro too were down. The Sensex was at 15,894.19, up 23.84 points and the Nifty gained just 2.75 points at 4,767.35.
Post the poor IIP data, Nilesh Shah of Axis Direct is more cautious on the market and feels that RBI may probably improve the situation. Shah said that the market is hoping for a surprise from the central bank. RBI policy meet is scheduled on December 16.
Capital goods major L&T lost 2.4% due to slowdown in industry. Expressing concerns about the slowdown, AM Naik, CMD, L&T said that business confidence is significantly hurt while the power division has been worst hit. Unhappy with government’s inaction, Naik emphasized that coal block issues could have been resolved in weeks.
Among others, ICICI Bank, HDFC, ONGC, TCS, Wipro and SBI were down 0.5-1%.
However, heavyweights Reliance Industries, Infosys and Bharti Airtel moved up 0.8-1%. Hindalco maintained its top position in the buying list, gaining over 3%.
Tata Motors, Tata Power, JSPL, Sun Pharma and Cipla rose 1.5-2%. BHEL, NTPC and M&M went up
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