Nifty flirts with 6,000; DLF to sell up to 81 mn shares

Indian markets opened in the green today. However, they may consolidate later in the day due to lack of any major cues, both globally and domestically.

The Sensex opened 120 points higher at 19790, while the Nifty opened 33.20 points higher at 6001.90. The BSE Small-Cap index and BSE Mid- Cap index was trading at 0.18% and 0.20%.

“The Nifty could see some flirting activity around the 6000 mark. Investors may remain a bit guarded around these levels,” said brokerage IIFL in a research report.

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Deutsche Bank has reaffirmed its target for the BSE Sensex at 22,500 by December and said it expects further 75 basis points cut in repo rate this year, taking its CY2013 rate cut forecast to 1.50 percent.

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“We reiterate that monetary accommodation will remain a core catalyst for Indian equity markets and reiterate our December 13 Sensex target of 22,500, given the scope for continued monetary easing,” the German lender said in its ‘India Equity Strategy’ report.

DLF is among the top gainers in the BSE realty index. The stock is up 1.4 percent after it announced that it will sell up to 81 million shares. The price range is yet to be determined.

NTPC, Jindal Steel, RIL, Hero MotoCorp, Hindalco Inds, ONGC, Tata Motors, BHEL, Cipla, Tata Power, Sun Pharma, SBI are among gainers in Sensex and Nifty.

Coal Inida, HDFC, Mahindra & Mahindra are among losers in Sensex and Nifty.

Metal, Power, PSU, Realty, TECK, Healthcare, IT, Bankex Oil & Gas, Auto, Capital Goods, FMCG indices are the gainers.

Consumer Durables indices are the losers.

The cobra sting left market participants jittery for a while. Stocks soon shrugged off the pain as bank counters recovered after tanking initially when the expos started.Cobrapost’s sting operation alleged 23 public and private sector banks were involved in money laundering activities. The finance ministry and insurance regulator IRDA have initiated independent investigations into the matter.

Meanwhile, Parliament remained paralysed on Monday as the opposition raised its cry for the resignation of Prime Minister Manmohan Singh and Union ministers PK Bansal and Ashwani Kumar.

Also, the government has said that the recommendations of Group of Ministers (GoM) on setting up independent regulatory authority for the coal sector are expected shortly.

Aviation stocks too will keep buzzing as the directorate general of civil aviation (DGCA) is planning to regulate the charges that the airlines plan to levy for some of the unbundle services. DGCA is looking at framing regulations to cap the number of preferential seats airlines can offer in a flight.

Globally, cues are mixed. S&P 500 raised the bar for itself yet again after it closed at another record high of above 1,600. The Nasdaq gained 0.4%, and closed at its highest level since November 2000. The Dow ended slightly lower.