Nifty hovers around 5500; ADAG stocks top gainers
14 Jun 2011
The benchmark Nifty was trying to hold the 5500 level amid a choppy trade, especially after higher-than-expected inflation data. Public sector undertaking, banking, capital goods, power, Anil Dhirubhai Ambani Group, FMCG and select technology companies' shares were supporting the market.
Even global markets were quite supportive. European markets like France's CAC and Germany's DAX gained 1-1.5%. Britain's FTSE went up 0.5%. Asian markets closed in a positive terrain.
The 30-share BSE Sensex was trading at 18,318, up 52 points and the 50-share NSE Nifty rose 19 points to 5,502. The Nifty June futures were trading with 16 points premium.
However, Reliance Industries and HDFC continued to reel under selling pressure, which has capped the gains to major extent. Tata Motors, Hindalco, IDFC, Tata Steel, Cipla, Ambuja Cements and GAIL were other losers in trade.
Louise Yamada, managing director, Louise Yamada Technical Research Advisors finds that the Nifty still hasn't broken the critical support level of 5,300. "We may have seen some selling in the recent rally but get ready to see further risk in the Nifty and Sensex," she adds.
Anil Dhirubhai Ambani Group companies' shares namely Reliance Communications and Reliance Capital gained 2% each. Reliance Infrastructure and Reliance Capital rose over 1%.
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