BHEL topped the buying list, up more than 3 percent followed by State Bank of India, Mahindra & Mahindra and NTPC with more than a percent gain.
The News International Team
Equity benchmarks continued to consolidate with the Nifty hovering around 8530 level while the broader markets outperformed frontline indices with the BSE Midcap and Smallcap indices rising more than a percent.
The Sensex fell 5.40 points to 28438.61 and the Nifty rose 3.35 points to 8528.05. Advancing shares outnumbered declining ones by a ratio of 1397 to 493 on the Bombay Stock Exchange.
The Nifty could correct briefly over the next few sessions, but has a strong support level at 8460, says Vineet Bhatnagar, Managing Director, Phillip Capital
In an interview with CNBC-TV18, Bhatnagar says there is a higher probability of the index moving towards 8630 by the end of this year.
BHEL topped the buying list, up more than 3 percent followed by State Bank of India, Mahindra & Mahindra and NTPC with more than a percent gain. Commercial vehicle maker Tata Motors rallied 1.7 percent on bagging orders for 1,542 Sumo Gold from police agencies. Shares of ICICI Bank, Axis Bank, Reliance Industries and ONGC were up over 0.4 percent.
However, index heavyweights ITC and Infosys fell 1.6 percent each. HDFC, TCS, Sesa Sterlite and Sun Pharma declined 0.3-0.8 percent. Dr Reddy’s Labs lost 1.5 percent.
Tata Motors, BHEL, Mahindra & Mahindra, Tata Steel, Bajaj Auto, Jindal Steel and Larsen & Toubro are top gainers in early trade, up 0.8-2 percent.
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