Nifty gains momentum; Axis Bank, SAIL, RIL up

Intensified buying activity index heavyweights helped benchmarks to move past psychological resistance levels. Meanwhile, broader markets continued to remain firm.
At 1:05 pm, National Stock Exchange’s Nifty was at 4862.85, up 66.70 points or 1.39 per cent. The broader index touched a high of 4864.90 and low of 4789.90.

Bombay Stock Exchange’s Sensex was at 16378.65, up 220.37 points or 1.36 per cent. The index touched a high of 16379.93 and low of 16147.21.
“The next hurdle which the bulls will face in their path is the resistance of 4950. On weekly candlestick chart, Nifty has formed a marginally bullish candle, which does not seem to be very tempting unless we clear the hurdle of 4950. Going further we still maintain our bearish stance and treat the current pull-up just as a relief rally where traders can built fresh short near the resistance area of 4900-4950,” said Emkay Global Financial Services.
BSE Midcap Index was up 1.09 per cent and BSE Smallcap Index moved 1.75 per cent higher.
Sectorwise, large scale buying was seen in the banking, metal and energy space. BSE Bankex advanced 2.41 per cent, BSE Metal Index surged 2.2 per cent, BSE Oil&Gas added 1.9 per cent and BSE FMCG rose 1.65 per cent.
Biggest Sensex gainers were ITC (3%), Reliance Industries (2.85%), Tata Power (2.64%), HDFC Bank (2.5%) and State Bank of India (2.37%).
Reliance Industries is close to announcing a major overseas acquisition. If all goes according to plan, RIL is looking to do so before its annual general meeting on November 17. The likely target is a part of the assets owned by troubled petrochemical major LyondellBasell, which is undergoing reorganisation under the protection of a US court.
State Bank of India, the country's largest lender, said on Monday it had entered into an agreement with T Rowe Price to sell a 6.5 per cent holding each in UTI AssetManagement Company and UTI Trustee Company.
Bharti Airtel (-3.45%), Reliance Communications (-2.11%), Hindustan Unilever (-1.1%) and BHEL (-0.39%) were trading with losers.
Market breadth on BSE was extremely positive with 1803 advances outnumbering 729 declines.