ONGCONGCIndian equity benchmarks were trading with moderate gains amid volatility supported by oil & gas, private financial, realty, FMCG, Anil Dhirubhai Ambani Group (ADAG) and select auto companies' shares. The Sensex could not see upmove like Wall Street because the market already factored in that rally in yesterday's trade. The US equity markets rallied 1.6-2.2% yesterday post President Barack Obama indicated a bipartisan group of six Senators agreed to a plan to tame annual USD 1.4 trillion budget deficits. The 30-share BSE Sensex was trading at 18,691, up 37 points and the 50-share NSE Nifty rose 11 points to 5,624.
Laurence Balanco of CLSA feels that a sustainable upside is likely only above the 200-day moving average of 5760 on the Nifty. "Price action continues to drift between major support level for Nifty at 5,200 and resistance at 6,300," he said. Heavyweights ONGC, Reliance Industries, ITC, HDFC, L&T and HDFC Bank were supporting the market. However, Wipro, TCS, NTPC, SBI, BHEL, Hindalco and Bharti Airtel were on sellers' radar. Crompton Greaves, Atlas Cycles, TTK Healthcare, Hercules Hoists, Rushil Decor and Wipro were most active shares on exchanges. Midcaps like Hotel Leela, Simplex Infra, Page Industries, Blue Dart and EIH rallied 4-7% while Shree Global, GTL, Zydus Wellness, SKF India and Sujana Towers fell 2.5-5%. Smallcaps like Ruby Mills shot up 20%. Jindal Worldwide, TTK Healthcare, Splash Media and NIIT Tech were up 9-12% while Sterling Holiday, SV Electricals, Patel Engg, Vindhya Telelink and Atul slipped 4-6%.
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