11:38 am
Jack
MUMBAI: Benchmarks extended overnight gains on the back of positive cues from Asian peers. According to analysts, the trend in the short term looks bullish on as foreign institutional investors have started showing interest in Indian equities at lower levels.
"You can take some comfort from the fact that the Indian indices have been showing resilience. The trend is likely to stay intact, at least at start today with a positive one. Asian markets are mostly up. US stocks did well to recover but still closed in the red.
ONGC will be in the spotlight as it has filed documents for its FPO. FII inflows have gained some traction lately. This is partly the driving force behind the recovery from recent lows. Of course the moot point is whether Indian markets can continue to attract foreign portfolio investment.
A breakout above 5100 could see the Nifty rise a bit further. Key support is likely at 4800.
For the time being, the focus will remain on the ongoing troubles in the eurozone and the US. Friday's speech by President Obama and Fed chairman Bernanke will be carefully analyzed along with a string of Chinese data points.
Meanwhile, the Finance Ministry has sought 'consolidated inputs' from stock exchanges to improve the depth and liquidity of stock markets," said IIFL report.
At 10:50 am; National Stock Exchange's Nifty was at 5104.60, up 40.30 points or 0.80 per cent. The broader index touched a high of 5117.15 and low of 5076.30 in trade so far.
Bombay Stock Exchange's Sensex was at 16996.58, up 133.77 points or 0.79 per cent. The 30-share index touched intraday low of 16922.31 and high of 17042.
BSE Midcap Index was up 0.92 per cent and BSE Smallcap Index gained 1.07 per cent.
BSE Bankex was up 1.72 per cent, BSE Realty Index moved 1.41 per cent higher and BSE Capital Goods Index advanced 1.35 per cent. BSE Auto Index was down 0.23 per cent and BSE IT Index slipped 0.12 per cent.
