Nifty tests 4350 capital goods, banks, metals gain

At 14:54 hours IST - the benchmark indices maintained positive up move on the back of good earnings from L&T, SAIL and M&M and shrugged off negative European cues. The Nifty tested the 4350 level while the Sensex was above the 14300 level, despite selling pressure at higher levels.

The market wide rollover was seen at 67% and the Nifty futures rollover was seen at 55%. Both the Nifty May and June futures were trading in premium and net added about 64 lakh shares in open interest.

L&T, M&M and SAIL jumped 2.4%, 5.5% and 5.67%, respectively post good performance in the quarter ended March 2009. M&M's Q4 net profit rose 89% and net sales went up 15%. SAIL's Q4 net profit came in at Rs 1,486 crore and net sales stood at Rs 11,852 crore.

Shares of oil & gas exploration, metal, banking, capital goods and select cement stocks along with NTPC and Bharti Airtel were witnessing buying interest. However, selling was seen in Reliance Communication, Nalco, Power Grid, Hero Honda, Reliance Infrastructure, Tata Motors, Tata Communication, Axis Bank, BPCL, Grasim and Reliance Power.

The Sensex was trading at 14359, up 258 points and the Nifty rose 76 points, to 4,351, at 14:54 hours IST. The BSE Midcap Index was up 0.9% and the Smallcap Index rose 0.5%.

All the sectoral indices were trading in the green. Metal, Bank, Oil & Gas, Capital Goods, Realty and TECk indices gained 1-2.8%.

Market breadth was positive; about 1804 shares advanced while 1057 shares declined. Nearly 268 shares were unchanged.

Among the midcap stocks, Matrix Labs, Vijaya Bank, Indiabulls Real, Future Capital and Allahabad Bank gained 8-14%. In the small cap space, GIC Housing Finance, Whirlpool, Manaksia, Mahindra Forgings and Novartis India went up 14-18.5%.

Global cues

Among the US futures, the Dow Jones futures rose 26 points, to 8,323 and NASDAQ Futures went up just 5.5 points, to 1,409.50.

However, the European markets were trading lower. The FTSE was down 42 points, to 4,373. The CAC fell 25 points, to 3,269 and the DAX declined 56 points, to 4,944.

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