MUMBAI: Benchmarks gave away most of intraday gains on Tuesday as profit booking emerged in banks and power space even as the broader markets continued to outperform.

“The Nifty is exiting oversold territory with cautious upmove. The overall setup remains fragile and the recovery nascent. The weekly chart structure remains bearish as we witness partial recovery. Technical pullback in the index is likely to take it further till 4950-5000 levels where key resistance would be faced. Short term support in the index would be placed at 4800.

Refineries, Banking and Metals scrips participated in the pullback which was otherwise dominated by rally in midcap and small caps scrips. JSW Steel, Jindal Steel, Suzlon continue to exhibit strength and are likely to rally further.

Trading outlook for the day remains positive backed by cues emanating from US. The U.S. manufacturing expanded in January at the fastest pace since August 2004, boosting confidence that the economy is on the path to recovery,” said Edelweiss report.

At 11:05 am, National Stock Exchange’s Nifty was at 4909.75, up 10.05 points or 0.21 per cent. The index touched a high of 4951.15 and low of 4885.85.

Bombay Stock Exchange’s Sensex was at 16414.73, up 58.70 points or 0.36 per cent. The 30-share index hit a high of 16525.98 and low of 16342.15.

BSE Midcap Index was up 1.16 per cent and BSE Smallcap Index gained 1.74 per cent.

Amongst the sectoral indices, BSE Bankex was down 0.49 per cent, BSE Power Index declined 0.18 per cent and BSE Oil&gas Index slipped 0.09 per cent. BSE Metal Index was up 2.25 per cent and BSE Realty Index moved 1.75 per cent higher.

Hindalco (3.78%), Sterlite Industries (3.08%), DLF (2.87%), HCL Tech (2.10%) and Suzlon Energy (1.78%) were amongst the top Sensex gainers.

Losers included BPCL (-2.09%), NTPC (-1.73%), Axis Bank (-1.51%), HDFC Bank (-1.42%) and Cipla (-1.15%).

Market breadth was positive on the BSE with

US stocks rose on Monday as better-than-expected data on the manufacturing sector and earnings from Exxon Mobil revived bullish sentiment after stocks closed out their worst month in almost a year.

The Dow Jones Industrial Average shot up 118.20 points, or 1.17 per cent, to close at 10,185.53. The Standard & Poor's 500 Index gained 15.32 points, or 1.43 per cent, at 1,089.19. The Nasdaq Composite Index rose 23.85 points, or 1.11 per cent, at 2,171.20.

Asian counters were also on the rise Tuesday following US trends. The Nikkei shot up 1.67 per cent and Hang Seng rose 0.22 per cent. Taiwan Weighted was down 1.26 per cent and Straits Times slipped 0.12 per cent.