Nifty gains momentum; oil & gas, metals up.


MUMBAI: Equities were witnessing sustained buying activity across the board led by gains in oil & gas, metals and auto stocks. The market is


Tips to pick potential stocks Tips for range-bound markets Risk while investing in midcapslikely to turn volatile later in the day ahead of November series F&O expiry. “With F&O expiry just a day away, it would be wise to remain non-committal. We expect a flat to cautious start and another choppy day. The main indices will remain mostly sluggish in a tight range. Global events will continue to drive the sentiment. Concerns about banks came back to haunt China and Europe. In the US, stocks lost some ground amid persistent economic worries. A slow recovery is what the Fed predicts for the US along with high unemployment. This means rates will remain near zero for a few more months. The so-called ‘exit’ from the accommodative monetary policy is still some distance way. This holds true not just for the US, but for all the nations, including India. What this also means is there is no danger to the dollar carry trade. But, it would be interesting to see how the markets behave once the dollar bottoms out. That unwinding, whenever it unfolds will have a bearing on global equities. Whether the economic recovery picks up further momentum or fizzles out will also be keenly followed, said India Infoline report. At 11:18 am, National Stock Exchange’s Nifty was at 5126.05, up 35.50 points or 0.70 per cent. The index touched an intraday high of 5126.45 and low of 5078.35. Bombay Stock Exchange’s Sensex was at 17,248.18, up 117.10 points or 0.68 per cent. The 30-share index hit an intra-day high of 17254.79 and low of 17124.15. “Trend deciding level for the day is 5086 / 17130. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 5118 – 5145 / 17232 – 17333. However, if Nifty trades below 5086 / 17130 for the first half-an-hour of trade then it may correct up to 5058 / 17029,” said Angel Broking note. BSE Midcap Index was up 0.91 per cent and BSE Smallcap Index gained 0.95 per cent. Amongst the sectoral indices, BSE Oil&gas Index was up 1.82 per cent, BSE Metal Index moved 1.28 per cent higher and BSE Auto Index gained 1.12 per cent. BSE Realty Index was down 0.12 per cent. BPCL (6.91%), GAIL (2.33%), Reliance Industries (2.04%), SAIL (2.03%) and M&M (1.68%) were amongst the top Nifty gainers. HCL Tech (-0.96%), Reliance Infrastructure (-0.95%), Tata Power (-0.84%), ICICI Bank (-0.63%) and Jaiprakash Associates (-0.55%) were amongst the losers. Market breadth was positive on the BSE with 1550 advances and 721 declines. Meanwhile, the US stocks fell on Tuesday on lackluster economic data in a session marked by low volume and choppy trading, but losses eased after the Federal Reserve raised its expectations for growth in 2010. The Dow Jones Industrial Average dropped 17.24 points, or 0.16 per cent, to end at 10,433.71. The Standard & Poor's 500 Index inched down just 0.59 of a point, or 0.05 per cent, to 1,105.65. The Nasdaq Composite Index fell 6.83 points, or 0.31 per cent, to 2,169.18. Asian markets were trading with modest gains after a weak session earlier. The Nikkei gained 0.34 per cent, Straits Times climbed 0.10 per cent and Shanghai Composite advanced 0.76 per cent.