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Wednesday November 24, 1:42 PM
Nifty above 1900: Reliance group shares weak
At 1.19 pm the Sensex is up 32.29 points or 0.54% at 6042.15, and the Nifty up 9.40 points or 0.50% at 1902. The market breadth is positive, about 1527 shares have advanced, 742 shares declined, and 55 shares are unchanged.
Reliance (RELI.BO, news) group shares down
Midcap textile, cement, & steel firm
Refinery shares gain
Analysts say the Nifty is likely to face selling pressure above the important resistance level of 1900. On the downside, the index has good support at 1880.
The Midcap 200 Index has hit a new high as several small and midcap shares have gained. Several midcap textile, liquor, chemicals & fertiliser, paper, shipping, tyre, and sugar stocks are witnessing buying interest.
The Reliance group shares including Reliance, Reliance Energy, Reliance Capital, and IPCL remain subdued following reports that family members disagree with Mukesh Ambani's statement.
The BSE Oil and Gas Index has underperformed the other indices. It is down 0.42% at 2984.37 following the weakness in Reliance. ONGC, HPCL, BPCL, and IOC however, have gained. ONGC is witnessing fresh buying interest following reports that gas prices may be partly decontrolled.
The BSE FMCG Index has outperformed the other indices. It is up 2.95% at 990 mainly due to the strong gains in ITC (ITCd.BO, news) and HLL.
Most of the cement shares including ACC, Grasim, Gujarat Ambuja Cement, Kesoram (KSRMd.BO, news) , and Prisim cement have gained as cement prices have been hiked.
Gains are also seen in the metal shares. Several steel and aluminum shares are trading higher.
Most of the media, pharma, telecom, and auto stocks have put on a good show.
Some weakness however, is seen in the technology shares. Satyam, Wipro (WIPRd.BO, news) , HCL (HCLL.BO, news) Technologies, and Infotech Enterprises are all trading lower.
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