Mumbai: The market consolidated throughout the session on Wednesday, though it managed to hold 4850 level on the Nifty quite well. Wednesday's trend was completely in line with global cues.
Reliance Industries, banks, metals and realty stocks helped the market to retain Tuesday's gain. However, technology stocks took beating ahead of Infosys' third quarter numbers. The broader indices outpaced the benchmarks led by retail, aviation, realty and education stocks.
The BSE benchmark Sensex was up 10.77 points, to close at 16,175.86 and the NSE benchmark Nifty rose 11.40 points, to end at 4,860.95.
Looking at the current momentum, in the immediate short term, Nitin Raheja, CIO of Rada Advisors feels the index could go up to 4,950-5,000. But experts still believe the road ahead will not be so smooth. Jyotivardhan Jaipuria, head of research of BofA Merrill Lynch expects both GDP growth and earnings to disappoint the market.
Metal stocks continued to hog the limelight especially after China's trade data and Alcoa's positive outlook for aluminum demand. Respective index jumped over 2 per cent.
Shares of Hindalco, Sterlite Industries and Sesa Goa shot up 5-6 per cent; SAIL and Tata Steel were up 3-3.7 per cent while only Jindal Steel lost 2 per cent.
The BSE Realty Index posted outstanding performance, rising 4.6 per cent; DLF gained 3.4 per cent and HDIL surged over 10 per cent.
Among banks, shares of SBI rose 1.3 per cent after the bank said non-performing assets as on December 31 were not as bad as expected. ICICI Bank and HDFC Bank were up 0.6 per cent each.
Index heavyweights and oil & gas majors Reliance Industries rallied 1.8 per cent while ONGC fell 0.9 per cent.
Technology stocks lost the ground ahead of big day - Infosys is going to declare its third quarter numbers tomorrow. TCS tumbled 2.5 per cent and Infosys dropped 1.3 per cent; Wipro slipped 0.5 per cent.
FMCG majors ITC and Hindustan Unilever too were under pressure, falling nearly a percent.
The rally in retail, aviation, realty and education stocks bumped up the broader markets; the BSE Midcap and Smallcap indices moved up over 1 per cent.
Retail stocks like Pantaloon Retail, Shoppers Stop, Vishal Retail, Koutons Retail and Provogue gained 4-9 per cent.
In the aviation space, Kingfisher Airlines, Jet Airways and SpiceJet shot up 4-7 per cent.
The market breadth was positive; about 1878 shares advanced while 945 shares declined on the BSE.
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