Global cues lift Sensex above 17K; RIL, Infy lead

Equity benchmarks started the day on a strong note following rally in global markets, which tracked better-than-expected US jobless claims, Australian unemployment data and rise in China's export-import along with sucessful Spanish bond auction. The Nifty got back above the 5100 level while the Sensex started trading above 17000 mark.

At 9:02 hours IST, the Nifty was trading at 5125, up 47 points and the Sensex was at 17077, up 155 points.

The CNX Midcap rose 62 points to 7943. About 669 shares advanced while 84 shares declined on NSE.

Among the frontliners, Sterlite Industries, SAIL, Reliance Industries (up 1.5% post upgrading the stock by brokerage firm on M&A news), HDFC, ICICI Bank, HDFC, M&M, HCL Tech, Wipro, DLF, Unitech, Reliance Power, Reliance Capital, Hindalco and Suzlon Energy were gainers in early trade.

Standard Chartered Bank IDR was trading at around its issue price of Rs 104 on first day.

Midcap & Smallcap space: Tata Metaliks rose 3%. HDIL and DB Realty gained nearly 5% post Bombay HC dismissed govt regulation on TDR Policy and cut FSI back to 1 from 1.33. Videocon Industries was up 2.6%, as banks may get preferential allotment from the company. DCB and Indiabulls Financial were up 1-2%. There were rumours that Kotak Mahindra Bank is planning to take over Karnataka Bank but Kotak Bank denied such rumours. Karnataka Bank rose 1%. Jet Airways went up 4%, as it carried 8.69 lakh revenue passenger in May 2010, up 41% YoY. HCC rose 2.4%. However, KPIT Cummins was down 1.7% after rallied in last few days.

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