The market was consolidating at around its previous closing values after a rally of more than 638 points on the Sensex in previous two sessions. Capital goods,
FMCG and auto (four-wheeler) sectors were helping the market to stay in positive terrain; Reliance too led the support. However, the sell-off in banks, technology and auto (two-wheeler) limited the upside. The Sensex was up 17 points at 15,830.45 and theNifty moved up 2 points to 4,735.75.
Anil Manghnani of Modern Shares & Stock Brokers feels the Nifty may move into the next resistance zone which is closer to 4820-4860 range.
Index heavyweight Reliance Industries jumped 1.6%. Capital goods major L&T and BHEL, most beaten down in recent fall on growth concerns, gained 2-2.5%.
FMCG stocks - defensive players - like ITC and HUL moved up 0.5-0.8%. Auto stocks like Tata Motors, Maruti and M&M were up 0.8-1.4% while Hero Motocorp and Bajaj Auto fell 0.7%.
On the flip side, Infosys, ICICI Bank, Bharti Airtel, HDFC Bank, TCS and JSPL were down 0.5-1.25%. HDFC and ONGC were marginally lower.
The market breadth was quite strong; about two shares advanced for every share falling on the BSE.
On the global front, Asian markets like Shanghai, Hang Seng, Kospi and Taiwan were upi 1-2% post stronger than expected US jobless claims and improvement in US confidence index.
At 9:19 hours IST : Nifty hits 4750 on positive global cues; L&T, RIL lead
The Sensex opened with more than 50 points gap up on last day of the week reacting to positive global cues. Ahead of Christmas holiday, Asian markets were trading 1-2% higher while US markets ended 0.5-0.8% higher after stronger than expected jobless claims.
The Sensex was up 91.37 points at 15,904.73 and the Nifty rose 27.25 points to 4,761.10, amid volatility.
Shares of L&T, ACC, Axis Bank, Maruti, Tata Motors, Sterlite, Sesa Goa, BHEL, JP Associates, Wipro, Tata Power, M&M, IDFC, PNB and DLF led the markets higher in early trade.
However, Ranbaxy Labs, Bharti Airtel and ICICI Bank were under pressure.
The CNX Midcap jumped 37 points to 6,246. Market breadth too was positive; about two shares gained for every share falling on the National Stock Exchange.
ABB shot up 5% as the company received Rs 4,000 crore worth of UHVDC power transmission order.
In the second line shares, Shree Renuka, VIP Industries, Delta Corp, Punj Lloyd, Lovable Lingerie, Balrampur Chini, Crompton Greaves, Ashok Leyland, Praj Industries, Dabur, Jain Irrigation and REC were up 2-3.5%.
Hindustan Motors jumped 6.5%. The company entered into Bangladesh markets for producing taxis and made JV with local group for assembly unit near Dhaka, reports CNBC-TV18 quoting Business Standard.
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