Nifty hits 5600; RCom, RCap, RInfra, RPower gain

FOR IMMEDIATE RELEASE
Mumbai, Maharashtra, India, Republic of (Free-Press-Release.com) June 6, 2011 -- Indian markets moved higher, after a profit booking session, outperforming other global peers. All the sectoral indices were in the green with realty, power and capital goods stocks leading the upmove.

Shares of Anil Ambani owned companies surged higher after Delhi court's has dismissed the plea to probe Anil Ambani, Ratan Tata , Niira Radia and Dayalu Ammal in 2G scam case. "There was a time not so long ago when the Indian market was underperforming the world markets. But, of late the trend has reversed. Thursday was the case in point when the Indian market showed resilience. Some relief on the FII flows front has surely helped. But, the macro-economic backdrop remains challenging as has been underscored by the GDP data and other reports. Other area of concern may be the muted trading volumes.

The start today is likely to be subdued. Asian markets are indecisive. European stocks suffered badly amid persistent uncertainty over the deteriorating fiscal health of Greece. US indices closed lower ahead of Friday's non-farm payrolls data. Wall Street is a tad nervous as recent economic statistics have been disappointing.

Back home, RIL will be in focus as it holds its AGM. Sun TV and Spicejet could remain under pressure amid reports of the Maran family's alleged links with the 2G scam. ADAG and TTML could gain as the two groups have been given a clean chit by the CBI . Overall, we expect the key indices to be in a sideways consolidation mode today," said IIFL report.

At 9:58 am; National Stock Exchange's Nifty was at 5591.70, up 41.35 points or 0.74 per cent. The broader index touched a high of 5604.95 and low of 5565.70 in trade so far. Bombay Stock Exchange's Sensex was at 18627.68, up 133.50 points or 0.72 per cent. The 30-share index hit a high of 18672.65 and low of 18554.40 in early trade. BSE Midcap Index was up 0.82 per cent and BSE Smallcap Index moved 1.04 per cent higher.

Amongst sectoral indices, BSE Realty Index moved 1.42 per cent higher, BSE Power Index advanced 1.13 per cent and BSE Capital Goods Index gained 1.04 per cent.

Reliance Communications (6.95%), Reliance Capital (6.35%), Reliance Infrastructure (5.19%), Reliance Power(4.16%) and L&T (1.79%) were the major Nifty gainers. Hindustan Unilever (-0.92%), BPCL (-0.06%), Sun Pharma (-0.02%), and Dr Reddy's Laboratories (-0.01%) were the only Nifty losers. Market breadth was positive on the NSE with 1581 gainers against 459 losers. Meanwhile, the Asian markets were in mixed. Nikkei 225 was down 0.40 per cent and Hang Seng slipped 0.28 per cent. Taiwan Weighted gained 0.58 per cent and Seoul Composite moved 0.18 per cent higher.

http://economictimes.indiatimes.com/markets/stocks/market-news/nifty-hits-5600-rcom-rcap-rinfra-rpower-gain/articleshow/8707624.cms

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