Nifty settled at 5000 level

The benchmark Nifty closed with modest gains, after consolidating throughout session. It settled at the 5,000 level. The markets consolidated today after previous two-day sell-off on the back of weak global cues. The Sensex shot up more than 200 points after European markets opened 1% higher, but that could not sustain for long.

The 30-share BSE Sensex closed at 16,657.89, up 40.79 points or 0.25% and the 50-share NSE Nifty rose 13.20 points or 0.26% to settle at 5,000.30. The Nifty June futures turned into premium of 7 points from 20 points discount.

Telecom, oil & gas, metal, capital goods, private banking and realty companies' shares helped indices to remain in the positive terrain. However, the sell-off in technology and FMCG companies' shares along with NTPC, Tata Power, Tata Motors, SBI, Power Grid, Hero Honda and Siemens exerted pressure on the markets.

Bharti Airtel was the top gainer on the Nifty; shot up 5.3%. The telecom major was in focus as it closed the Zain Africa acquisition on Tuesday. However, rating agency Standard & Poor's tried to play party pooper and cut Bharti's rating to BB+ from BBB-. The downgrade was on account of worsening leverage and cash flow ratios.

Among the other telecom players, Reliance Communications was up 1.5% and Idea Cellular up 0.3%. ONGC from oil & gas space was the leading counter; gained 2.23% and heavyweight Reliance Industries rose 1%. Cairn India, GAIL and BPCL went up 0.66-1.66%.

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