At 14:28 hours IST, the benchmark Nifty was consolidating at current levels. FMCG and technology companies' shares were supporting the markets. SAIL, Reliance Industries, Tata Steel, IDFC, Tata Motors, Tata Power, PNB, Idea Cellular, Siemens, ACC, Reliance Infrastructure and Jaiprakash Associates were also supportive.Axis Bank rose 1.65% post its better-than-expected Q1FY11 numbers. It reported a net profit of Rs 742 crore, a growth of 32.03% and net interest income rose 44.7% to Rs 1,513 crore from Rs 1,045.6 crore on YoY basis.
However, financial, telecom (barring Idea), auto (except Tata Motors), realty and PSU oil & gas companies' shares continued to see selling pressure.
BPCL was the top loser on the Nifty; lost 6%. GAIL and ONGC lost 2% & 1%, respectively. HPCL was down 6% and IOC was down 3.5%.
The Sensex was trading at 17941, up 3 points and the Nifty was at 5388, up 2 points. The Nifty July future was trading at 10 points premium. European markets also recovered after iniitial sell-off and were flat in trade.
BF Utilities, Dr Reddys Labs, Tata Steel, HPCL, LIC Housing Finance, Axis Bank, BPCL and HPCL were the most active shares on the exchanges.
In the midcap space, BF Utilities, Indian Metals, S Kumars Nationwide, LIC Housing Finance and Mcleod Russel gained 5-8% while Polaris was down 8% (post numbers). Infotech Enterprise, Ruchi Soya, Apollo Tyres and Nagarjuna Construction fell 3%.
In the smallcap space, Twilight Litaka surged 16.5%. ZF Steering Gea, Rico Auto, ILandFS and Bhagwati Banquet rose 7-10%. However, Ankur Drugs, Pennar Inds, Timex Group Ind, Reliance World and Nitesh Estates lost 3.7-5.5%.
Top percentage gainers - 20 Microns, Punj Alkalies and Shree Ajit Pulp rallied 20% each.
Source http://www.moneycontrol.com/news/local-markets/nifty-consolidates-sail-hul-axis-bank-idfc-top-gainers_470126.html#
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