Mkts: Nifty inches near 5300, HUL, Bharti top gainers

Markets continue to remain buoyant as the Sensex is up 93 points to 17,412 while the Nifty is up 27 points to 5,274, inching towards the 5,300 mark around 11.30am. The market breadth continues to remain positive. On the NSE, 860 stocks have advanced, 474 declined, while 85 stayed put.

Among the 13 sectoral indices on the BSE, 11 are in the green. The top gainer continue to be Consumer Durables (1.74 percent), followed by Teck (1.23 percent), FMCG (1.18 percent), and IT (1.07 percent). The losers include Autos (-0.79 percent) and Oil & Gas (-0.22 percent).

In the 30-share Sensex pack, 19 stocks are up. HUL (3 percent) and Bharti Airtel (2 percent) are the top gainers post their March results. While Bharti reported a 28 percent fall in consolidated net profit to Rs 1,006 crore, total revenue rose 15 percent to Rs 18,729 crore in the March 2012 quarter year-on-year.

CLSA has also upgraded HUL the stock to outperform from sell and has raised its target price to Rs 465 from Rs 370 earlier citing “strong” operating performance in the last quarter and expectations of continued “strong” growth momentum, according to Reuters.

Rupee woes continue as it further depreciates against the dollar at 52.93. Traders say near-term outlook for rupee remains bearish on the back of weak macro outlook, global concerns.

Meanwhile, here are some views from experts based on chart trends.

• Sudarshan Sukhani of s2analytics.com has a sell call on Chambal Fertilisers and Chemicals and United Phosphorous. He does not expect anything major to happen in Chambal Fertilisers as at Rs 72 it was down again on Monday. It had two up days, down again, but the broad trust of this stock is now on the downside. So Chambal is really a sell rather than anything else. There are two things to keep in mind - first, it’s not a buy and if at all somebody wants to trade you should be looking to go short and to sell it rather than to do anything else, he added. United Phosphorous continues to remain a sell.

On Pantaloon , he had a different view as he says that it is a buy. “I can’t buy it today, because after that big up move stock will normally correct and suppose it opens with a gap again today then it’s no longer in the buy zone for day traders, for short-term traders. But the very fact that this big gap has occurred, this big move on Monday has occurred tells us it’s also broken out of a trading range, it’s bounced from it’s lows”, he said . All things are going well for Pantaloon. So it’s a buy, not necessarily at the open of the market but at some kind of consolidation or some kind of a minor dip traders should go and trade because such moves can continue much longer."

Rajen Shah, CIO, Angel Broking, is bullish on Tips Industries and says that it can add 50 percent in the next six months or so. “This is not an investment category kind of stock but once it touches Rs 100, investors would do well to book profits sometime in October-November. So I am very confident, it should give 50% upside in next six months or so minimum:”, he told CNBC TV-18.