Nifty Hovers Around 8,600; Oil Stocks Slip

The Sensex came a bit off the intra-day high levels owing to some amount of selling pressure visible in the oil & gas stocks.

 

The 50-share Nifty also came off the intraday highs and was hovering around important level of 8,600 as the selling pressure was visible in heavyweights like Cairn India, ONGC and Tata Motors.

 

Meanwhile, the mid-cap and small-cap indices continued to outperform in the morning trades as they were quoting higher by around 1 per cent each.

 

Mild weakness was visible in the metal, oil & gas and technology pockets while renewed buying interest was seen in the banking, capital goods and consumer durable stocks.

 

From the Nifty pack, ONGC was the top loser. The stock slipped 2 per cent to Rs 347. Cairn India, Zee Entertainment, Sesa Sterlite, Bharti Airtel, Tata Motores, Tata Steel, NMDC and BHEL were also trading weaker by 1-2 per cent each. On the other hand, Larsen & Toubro jumped 2 per cent to Rs 1,604. Coal India, ICICI Bank, Power Grid, IndusInd Bank and Axis Bank were also trading higher.

 

At 11:00 AM, the Sensex was up 119 points or 0.4 per cent at 28,474 and the Nifty was at 8,607, up 0.5 per cent or 42 points.