Sensex rises 100 pts amid volatility; Bharti shoots up 4%

Delhi 30/11/2011(Tehelkanews)

The Nifty bounced back above the 4800 mark amid volatility, following recovery in European markets. Oil & gas, telecom, FMCG and select technology stocks lead support. The Sensex gained 107 points at 16,115.12 while the Nifty rose 28 points to 4,833.05.

France\'s CAC, Germany\'s DAX and Britain\'s FTSE, which fell over 1% at one point of time declined just 0.5-0.8%. The Dow Jones futures trimmed losses to 50 points from 100 points.

Back home, Bharti Airtel outperformed smartly, rising 4%. Oil & gas majors and index heavyweights ONGC and Reliance Industries were up 3% and 1.5%, respectively.

ITC, TCS, HDFC Bank, HUL, NTPC, JSPL, Sun Pharma, DLF and Bajaj Auto gained 1-3%.

However, ICICI Bank, Tata Motors, Hero Motocorp and Sterlite Industries topped the selling list, falling 3% each. Infosys and L&T were down 0.3% each.

AT 14:27 hours IST : Nifty below 4800 again as Europe falls; Tata Motors down 4%

The market gave up all gains amid volatile trade, dragged down by ICICI Bank and capital goods stocks. Tata Motors, SBI and metals stocks too too turned negative.

European markets like France\'s CAC, Germany\'s DAX and Britain\'s dropped 1% each on ongoing debt crisis. The Sensex was down 37.73 points at 15970.61 and the Nifty was down 18.05 points at 4,787.05.

Tata Motors topped the selling list, losing over 3.5%. Capital goods major Larsen & Toubro and BHEL fell 1.5-2%.

Shares of largest private sector lender ICICI Bank dropped nearly 2.5% and SBI too was down 0.2%. Among the others, M&M, Sterlite Industries and Jaiprakash Associates were down 2-3%. Tata Steel and Infosys slipped 0.8%.

Index heavyweight Reliance Industries too turned flat after rising 1.5%.

However, HDFC Bank, ONGC, ITC, HUL and Bajaj Auto gained 0.7-1.7%.

The broader indices like BSE Midcap and Smallcap were down 0.8-1%. Declining outnumbered advancing ones by 1584 to 1020 on BSE.

At 13:55 hours IST : Oil & gas, FMCG, tech lift Sensex 150 pts up

Short covering led recovery pushed the Sensex 150 points higher in the afternoon trade. The bounce back was supported by oil & gas, technology, FMCG and HDFC group companies\' shares. European markets too cut down on thier losses after initial fall.

The Sensex was up 152 points at 16,160.61 and the Nifty rose 40 points to 4,844.85, amid choppy trade.

However, experts see more downside to the markets globally. KR Bharat, managing director of Advent Advisors says, the worst is not over yet. He feels it is just the beginning of the slowdown and there is more downside to come. He advises investors to be in cash and out of equities.

Oil & gas majors Reliance Industries and ONGC gained 1.44% and 2%, respectively. FMCG stocks like ITC and HUL rose 1.6%.

Shares of private sector lender HDFC Bank and housing finance lender HDFC moved up 3% and 1.4%.

Technology space too joined the rally; TCS was up 2% and Wipro up 1.5% while Infosys gained 0.6%.

Among others, Bharti Airtel, Sun Pharma, Bajaj Auto, NTPC and Wipro were up 1.5-2%.

Capital goods major BHEL too turned positive, but L&T was still down 0.4%. ICICI Bank, Tata Motors and Sterlite fell 0.7%, 1.4% and 2%, respectively.
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