Nifty closes with modest gains; Sterlite, HDFC top gainers

The benchmark Nifty closed higher for the fifth consecutive day, though with marginal gains amid volatility. Global cues were quite supportive today, which helped the Nifty to stay above the 5300 mark throughout the session. Overall, it was a rangebound session for the markets.

Rajen Shah of Angel Broking said fourth quarter numbers had been good so far and that was fairly reflected in the stock prices of many of the frontline companies. "As far as a frontliner is concerned, most of the good news has been factored in. The next big move would happen only once the monsoon actually starts because by that time the markets are going to be range bound and maybe little lackluster on the frontline space."

The 30-share BSE Sensex closed at 17,745.28, up 51.08 points and the 50-share NSE Nifty rose 18.35 points to 5322.45.

European markets were trading 0.5-1% higher, at the time of closing of Indian equities. Asian markets ended higher barring; Nikkei was up 2.3%, Taiwan was up 1.9% and Hang Seng was up 1.6%. Jakarta, Straits Times and Kospi went up 0.5-0.9% while Shanghai lost 0.5%.

Metal especially post Sterlite Q4 numbers, technology, cement, private financial and select auto companies' shares witnessed buying interest and kept the markets positive. However, realty and pharma companies' shares along with Reliance Industries post Q4 numbers, SBI, ICICI Bank, Maruti, ABB, Hero Honda, Reliance Infrastructure and Siemens saw selling pressure and capped the gains to major extent.

Maruti Suzuki slipped 2% post Q4 numbers. The country's top carmaker, said its fourth-quarter net profit more than doubled on strong sales, but missed forecasts as tough competition, higher raw material prices and costs associated with migrating to new emission norms and new launches hit margins.