This Article is From May 21, 2012

Sensex, Nifty rise; Wipro, HCL Tech, Infosys fall

Sensex, Nifty rise; Wipro, HCL Tech, Infosys fall

Former Olympus president and chief executive Michael Woodford.


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New Delhi:

The BSE Sensex traded higher in a volatile market Monday. At 11.30 am, it gained nearly 80 points or 0.50% at 16,231 while the broader Nifty index advanced 27 points at 4,918.

This is the third straight day of advances for markets, though the gains have been modest. The Sensex has lost over 1,000 points in May.

"It is an oversold market, so any positive news could drive up markets," Deven Choksey of KR Choksey told NDTV Profit today.

Public sector lender State Bank of India, mortgage lender HDFC and energy major Reliance Industries contributed over 50 index points on the Sensex.

SBI (3.5%) extended gains on strong profits and stable asset quality in the fourth quarter. It had reported numbers on Friday. The banking index (1.2%) on the BSE was among the top performers on the back of the outperformance by SBI.
Most other groups of stocks traded in the green though IT (-0.43%) and FMCG (-0.28%) stocks saw some selling pressure. Wipro (-1.35%), HCL Tech (-1.2%) and Infosys (-1%) were among the laggards on the Nifty index, even though the rupee traded lower today.

On the Nifty, 37 of the 50 stocks traded higher. Reliance Infra (3.6%) was the top gainer. Car maker Maruti Suzuki (3.2%) rose after days of selling pressure. Infra lender IDFC (-1.4%) was the top Nifty loser.

The market breadth was positive, indicating interest in broader markets.

Meanwhile, Asian stocks also saw modest gains today. South Korea's Kospi Index (0.93%) and Japan's Nikkei index (0.26%) traded higher.