MUMBAI: Indian markets gained momentum as buying activity emerged near support levels following gains in Asian peers. Trade is likely to turn volatile as the session progresses due to settlement of May F&O series.
"The market is expected to remain volatile ahead of the May F&O expiry and going forward we believe 5300 on the Nifty will be the important support area to watch-out on the closing basis.
Looking the Put-Call-Ratio we believe that markets are in a tremendous oversold zone and a pull back rally could be seen in a day or two. Fresh buying could be seen if Nifty maintains above 5385 levels," said Nirmal Bang report.
At 10:35 am; Bombay Stock Exchange's Sens*x was at 17990.02, up 142.78 points or 0.80 per cent. The 30-share index hit a high of 17998.67 and low of 17862.88 in trade so far.
National Stock Exchange's Nifty was at 5387.20, up 38.25 points or 0.72 per cent. The broader index touched a high of 5392.80 and low of 5356.35 intraday.
BSE Midcap Index was up 0.52 per cent and BSE Smallcap Index moved 0.73 per cent higher.
Amongst sectoral indices, BSE Metal Index was up 1.99 per cent, BSE Oil&gas Index moved 1.57 per cent higher and BSE Bankex advanced 1.07 per cent. BSE IT Index was down 0.01 per cent.
Tata Steel (2.75%), Sterlite Industries (2.68%), Hindalco (2.17%), Reliance Industries (2.16%) and Tata Motors (2.06%) were the major Sens*x gainers.
Tata Steel posted net profit of6865.69 crore for the year ended March 31 as compared to5046.80 crore a year ago. Total Income increased to3018.70 crore from25875.77 crore.
The government has decided to supply gas at regulated rates only to a few top-priority consumers - a move that will grant Reliance Industries substantial pricing freedom and boost the government's share of revenue from the KG-D6 field when output rises.
M&M (-0.85%), Infosys Technologies (-0.66%), ITC (-0.58%), BHEL (-0.56%) and Cipla (-0.31%) were the top losers.
Market breadth was positive on the BSE with 1279 advances against 794 declines.
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