Mumbai: Indian equities gained strength after an initial consolidation at 10:50 hours, supported by oil & gas, realty, technology, financial, metal, telecom, FMCG and capital goods companies' shares. Heavyweight Bharti Airtel added more gains on Thursday, went up 2.5 per cent despite disappointing numbers.
The Nifty has touched the 5500 level and the Sensex added nearly 300 points in trade, which could be because of short covering. The Sensex had shed more than 1000 points in previous five out of six sessions. However, Sun Pharma, NTPC, Reliance Communications, Dr Reddy's Labs and HCL Tech. Cement companies' shares like ACC and Ambuja Cements too declined ahead of their quarterly numbers.
Deven Choksey, MD of KR Choksey Shares and Securities said that we could possibly see the market rallying to somewhere around 5,700-5,800 over the next four-five weeks. "Yesterday, there were instances of a recovery throughout the day, yet participation was not as present as it could have been. He says majority of the fall has already taken place and we are likely to trade at the bottom in the coming days."
The 30-share BSE Sensex was trading at 18,381, with gain of 291 points and the 50-share NSE Nifty rallied 78 points to 5,510. The broader indices too gained but less as compared to benchmarks - Midcap and Smallcap indices were up 0.5 per cent each.
All sectoral indices were in green. SBI, HDFC Bank, ICICI Bank and HDFC from financials went up 1-1.5 per cent. Heavyweights Reliance Industries and Bharti Airtel were up 1.2 per cent & 2.5 per cent, respectively.
DLF, the most beaten down stock as well as realty sector, gained 3.6 per cent. Infosys, Wipro and TCS from technology pack moved up 0.5-1 per cent.
Hindalco, Sterlite, Tata Steel and Sesa Goa from metal segment climbed 1.5-3 per cent. BHEL and L&T from capital goods space went up around one percent.
Hero Honda, top loser yesteday, bounced back with 3 per cent gain. Tata Motors rose 1.5 per cent.
In midcap space, GlaxoSmith Consumer, Shree Renuka, JSL Stainless, Monnet Ispat and Sadbhav Engg were up 4-5 per cent while Shree Global tanked 20 per cent. Manappuram, MindTree, Voltas and KGN Industries lost 5-7 per cent.
In smallcap space, Consolidated Construction, Rane Holdings, Vivimed Labs, Marathon Nextgen and Dhampur Sugar gained 5-9 per cent whereas R M Mohite Ind, Asian Hotel (W), Asian Star, Great Offshore and PTL Enterprises tumbled 5-10 per cent.
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