SENSEX ,NIFTY VOLATILE; BHARTI UP 2%, USHA MARTIN SOARS 15%

The market remained volatile with the Nifty moving in a range of 8550-8600. Telecom, oil, FMCG, pharma and select private banks gained. The Sensex rose 54.85 points to 28315.93 and the Nifty advanced 7.75 points to 8578.65. However, the broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices falling 0.4 percent each. About 745 shares have advanced, 1124 shares declined, and 134 shares are unchanged on the BSE. Bharti Airtel climbed over 2 percent followed by NTPC and HUL with a percent gains. Hindalco gained 1 percent and Usha Martin surged 15 percent. The government accepted bids for Brinda & Sasai coal block won by Usha Martin at Rs 1,804/tonne. It also accepted bids for Dumri coal block won by Hindalco at Rs 2,127/tonne.
The rupee strengthened by 12 paise at 62.34 against the US dollar in early trade at the Interbank Foreign Exchange market today on increased selling of the American currency by exporters.
The main gainers on the Sensex are Sun Pharma, Wipro, L&T, ICICI Bank, NTPC and Axis Bank.
The decision to tweak the pricing formula for conversion of debt into equity would also pave the way for bankers to have a larger say in activities of the distressed company by acquiring majority stake and taking over the management.
On the losing side, Jindal Steel is down almost 11% after the government rejected bids for the Gare Palma IV/2&3 and Tara coal blocks which were won by the company in the coal e-auction.
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