Nifty bounces back on global cues; metals, auto rise

The benchmark Nifty bounced back on back of positive global cues on Wednesday. Metal, auto, realty and select financial companies’ shares were helping in early trade.

Among frontliners,, Ambuja Cements, Sterlite, M&M, GAIL, SAIL, Hindalco, ICICI Bank, Tata Motors, Wipro, Jaiprakash Associates, Unitech, DLF and Maruti were witnessing buying interest.

However, ABB, NTPC, ONGC, Bharti Airtel and HUL were mildly soft in trade.

At 9:01 hours IST, the Nifty was trading at 5393, up 25 points and the Sensex was at 17955, up 77 points.

Today’s new listing – Hindustan Media Ventures was trading at 175.85, up 5.4% over its issue price of Rs 166. HT Media, owner of company gained 4%.

Midcap & Smallcap space:

The CNX Midcap rose 0.5% to 8428.

Vishal Retail was up 4%, as there were reports that Kishore Biyani’s Future Group is making offer for the company.

Kernex gained 1.5%. HCC was up 1.5% and Lanco Infratech up 0.7%.

Polaris was up 1%; Orbitech (Citigroup arm) brought down its stake in company by 2.5% in July.

Cinemax rallied 8%, as it is looking to rope in PE partner and planning to raise USD 30-40 million.

Results reaction

Tata Coffee was down 2% and United Spirits down 1%. However, JK Paper was up 2% and Panacea Biotech gained 3%. Zee Entertainment went up 0.9% and SKF up 2.8%.

Global cues:

Asian markets were trading 0.2-0.8% higher while only Straits Times declined just 0.16%.

Popularity: 1% [?]

Tags: Bull, NSE

Category: Stock-News