Nifty holds 5000 level

The benchmark Nifty was trading higher on back of short covering and was consistently holding the 5000 level, after seeing sell-off in previous two sessions. Positive European cues were quite supportive today, which were down for last three days; CAC, DAX and FTSE gained more than 0.5%. Metal, oil & gas, realty, banking, pharma, capital goods and telecom companies' shares were helping the Sensex to trade with more than 100 points gains; respective sectoral indices rose 1-2%. However, there was a bit of volatility due to selling in heavyweight ITC, which was down 3.4%. Tata Power, Wipro, Infosys, NTPC, Tata Motors, HUL, Power Grid and Jaiprakash Associates were other losers in trade

The Sensex was trading at 16756, up 139 points and the Nifty was at 5031, up 44 points. However, the Nifty June future trimmed its discount to 11 points from 20 points.

Among Asian markets, Shanghai surged 2.8%. Chinese exports in May grew about 50% from a year earlier, sources said on Wednesday, a figure that blew past expectations and fuelled a big jump in domestic stocks. Hang Seng gained 0.7% while Nikkei and Taiwan fell 1% each.

The market breadth was positive; about 913 shares advanced while 343 shares declined on NSE.

Top gainers - Bharti Airtel was trading at Rs 271.05, up 4.92%; Sterlite Industries was at Rs 624.50, up 2.50%; Reliance Infrastructure was at Rs 1,081, up 2.20%; ACC was at Rs 860.30, up 2.13%; SAIL was at Rs 193.10, up 2.12% and ICICI Bank was at Rs 831.85, up 1.83%.

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