Sensex volatile - Tata Steel up 4.5 pc despite loss in Q3

Mumbai: Indian equity market was completely lacklustre in the morning trade while Asian peers were under pressure on doubts over Greek debt deal that was approved yesterday. The Nifty managed to hold the 5400 mark, trading up 10 points at 5,422. Meanwhile, the Sensex rose 45 points to 17,875.51.

However, technical experts believe the market would cross the 6300 level on the Nifty. Sudarshan Sukhani, is bullish on the market. "The Nifty is in a bull market and should cross 6,300," he adds. According to him, the market is giving clear sign that the uptrend is very strong. He advises investors to stay long.

Shares of Tata Steel topped the buying list, rising 4.5 per cent even after the company reported a loss of Rs 600 crore in Q3FY12.

L&T, Tata Motors, Bharti Airtel, ONGC, M&M, Bajaj Auto and Tata Power were supporting the market, gaining 0.7-1.5 per cent. SBI and Wipro were marginally higher.

However, Infosys, ICICI Bank, HDFC Bank, TCS, BHEL, Hindalco and Cipla were down 0.5-0.75 per cent. Even index heavyweight Reliance Industries was marginally in the red.

The broader indices outperformed benchmarks - the BSE Midcap Index was up 0.85 per cent and Smallcap up 1 per cent.

Shares of oil marketing companies were on buyers' radar after stellar performance by HPCL in Q3.

HPCL shot up 7 per cent; BPCL (ahead of numbers today) and IOC gained 3.5-4.5 per cent.

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