Nifty takes 5,000, Bharti, IT stocks under pressure

India's benchmark indices traded with over 1% gains Thursday on the back of positive global cues. The Sensex advanced over 200 points to 16,657 while the Nifty jumped 58 points to take the 5,000 levels in early trade.Asian stocks were in the green tracking strong gains on the Wall Street, where the S&P 500 and Dow closed at their highest level since July 2011. Markets in China, Japan and Hong Kong traded with over 1 per cent gains.Markets in US rose after manufacturing growth surprised on the upside. The Home Builders index, a sentiment tracker, rose to its highest level in over 4.5 years. The Dow rose nearly 97 points or 0.8 per cent to 12,579. 2012 has proved to be good year for India so far, mainly on account of strong FII inflows. The rupee is now trading at nearly two-month highs, which has helped sentiments. However, analysts sounded a word of cautions."The Nifty is struggling around the 5,000 mark. It is trading at the upper end of the volatile band and a short correction to 4,800 levels may be possible before the expiry," Independent Market Analyst Sarvendra Srivastava said."The markets are rising because of two factors. One is trades have come out of the pessimism of last year... Secondly, the rupee which had depreciated...has now settled in a range of 50.5-51.5... However, I would be surprised if this rally sustains. After another 50-60 points, the markets could see a decline," T S Harihar, Sr Vice President of ICICI Securities said.All groups of stocks traded higher on the Bombay Stock Exchange today. High beta metal and realty stocks traded with over 2% gains on improving global sentiments. Banks and cap goods also saw strong buying interest, rising nearly 2%. Energy, power and auto stocks traded with over 1.5 per cent gains on the BSE.IT and other defensive stocks saw underperformance as compared to broader markets.Most stocks on the Nifty index traded higher. Tata Steel, Jaiprakash Associates, Hindalco and DLF also rose over 3% in early trade. Bharti (down 0.7%) declined on reports that the income tax department had served an over Rs 1,000 crore tax demand on the company. IT stocks have been under pressure since the start of the results season. While most frontline companies have posted in-line numbers, analysts were disappointed with the forecasts of slower growth. Infosys (down 0.7%) was the biggest loser on the Nifty index. Wipro traded flat ahead of its Q3 tomorrow.

Nifty takes 5,000, Bharti, IT stocks under pressure

The rupee rose another 15 paise on Thursday at 50.23 against the US dollar. This was after closing at a two-month high of 50.38 on Wednesday.

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