Sensex erases some gains; SBI, ICICI Bank, Hero Honda dip

Sensex erases some gains; SBI, ICICI Bank, Hero Honda dip ; the 30-share BSE Sensex was still trading with 100 points gains though it wiped out some gains in afternoon trade due to sell-off in heavyweights like SBI, ICICI Bank and Hero Honda, which tumbled 2-3%. ITC, Reliance Communications, PNB, ACC and M&M were other losers. Even the Nifty also maintained 6000 level.

However, consistent buying in power, healthcare, capital goods, oil & gas exploration, metal, technology and retail companies’ shares was helping the markets to stay in positive terrain.

Andrew Holland of Ambit Capital said that India will continue to attract significant capital. According to him, there will be more liquidity inflow to markets in the next few weeks.

He is expecting commodity companies and more particularly stocks like RIL and ONGC to lead the markets going forward.

The Sensex was trading at 20075, up 108 points and the Nifty was at 6021, up 29 points. However, the broader erased its all gains in second half of trade.

Among frontliners, Sterlite Industries was trading at Rs 172.60, up 4.20%; Tata Steel was at Rs 635.10, up 3.40%; Tata Motors was at Rs 1,359, up 3.36%; Hindalco was at Rs 222.50, up 3.25% and Jindal Steel was at Rs 700.35, up 3.05%.

New listing - RPP Infra Projects was trading at Rs 71.65 as against issue price of Rs 75 a share.

In midcap space, Welspun , Gujarat Flourochem, Gujarat NRE Coke, Cholamandalam and MindTree gained 4-6.5% while Glodyne Tech, Money Matters, Network 18, Parsvnath and Birla Corp lost 3-4.5%.

In smallcap space, Dolphin Offshore shot up 19.98% and Ahluwalia was up 14%. SE Investments, Titagarh Wagons and Surana Industries were up 6.4-10.8%. However, Parekh Aluminex, SVC Resources, Midfield Industries, Spice Mobility and Hanung Toys plunged 18.5-20%.

About 1486 shares advanced while 1426 shares declined on BSE. Nearly 547 shares were unchanged. For the latest updates PRESS CTR + D or visit Stock Market news Today

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