Sensex, Nifty swung after firm opening

Mumbai, Jan 14: The benchmark indices Sensex and Nifty swung between positive and negative gap after opening in green on bouts of alternate buying and selling interest.

The sensitive index on Bombay Stock Exchange (BSE) resumed the day smartly at 20,918.23, gaining 90.78 points from its previous close of 20,827.45 on sustained buyings in selective blue-chip stocks. Soon after, it slided into deep red by shedding about 270 points to touch a low of 20,717.05 from its intra-day high of 20,985.62 on selling pressure. However, Sensex recovered in the mid-morning on fresh buying and was trading 46.52 points up at 20,780.93 amid high volatility.

Similarly, Nifty index at National Stock Exchange (NSE) after opening on positive note, slipped into negative zone at 6,179.15, lost about 20 points from its previous close of 6,200.10 in the early trade. Nifty also fluctuated between positive and negative gaps with a differece of atleast 60 points.
The market slipped into red shortly after a firm open.

Reliance Industries moved up. Reliance Communications rose. Oil&gas, consumer durables and auto stocks were in demand. The market breadth was positive. Asian markets were mixed, traders said.

BSE Mid-Cap index was up 0.63 per cent to 9,497 and Small-Cap index was up 0.68 per cent to 12,780.49. Whereas, among the sectoral indices of BSE, most of them were at marginal gain in mid-morning trade.

Frontliners, Reliance Industries was up 1.40 per cent to Rs 3172 on reports that the company is venturing into synthetic fuels through a USD 6-8 billion project that will turn coal into oil. RIL aims to produce about 80,000 barrels of oil per day through the process. The Rs 30,000 crore project will consume about 30 million tonnes of coal annually, reports suggest.

Meanwhile, ICICI Bank fell 1.44 per cent to Rs 1419.15.

Infosys Technologies was steady at Rs 1580.10. Reliance Communications rose 1.56 per cent, followed by the gain by State Bank of India, Bharat Heavy Electricals rose, Hindalco Industries and Tata Motors, were marginally up about one per cent.

Among the losers, Bharti Airtel slipped 3.18 per cent, Wipro fell 1.84 per cent, ACC fell 1.11 per cent, Ambuja Cements shed 1.08 per cent and Housing Development Finance Corporation (HDFC) fell 1.36 per cent.

UNI