L&T, HDFC Bank, Axis Bank, HUL, M&M, Wipro and Cipla climbed 1-1.9 percent whereas Reliance Industries, Hindalco Industries, GAIL and Tata Power fell 1.3-1.9 percent.
Nifty holds 8400; Hindalco, Reliance, Tata Power losers
The News International Team
The 50-share NSE Nifty held its 8400 level in noon trade led by capital goods, banks and FMCG stocks. The index rallied 68.45 points to 8409.85 and the Sensex climbed 248.95 points to 27707.59.
The broader markets continued to outperform benchmarks. The BSE Midcap gained 1.2 percent and Smallcap surged 2.3 percent. Nearly three shares advanced for every share declining on the Bombay Stock Exchange.
Bharti Airtel topped the buying list, up 3.6 percent followed by HDFC, ITC, Coal India and BHEL with 2-2.5 percent rally. L&T, HDFC Bank, Axis Bank, HUL, M&M, Wipro and Cipla climbed 1-1.9 percent whereas Reliance Industries, Hindalco Industries, GAIL and Tata Power fell 1.3-1.9 percent.
Telecom stocks like Idea Cellular gained more than 4 percent. Bank of America Merril Lynch upgraded the stock to a buy with a revised target of Rs 205. The management told CNBC-TV18 that a significant jump in debt will be balanced by cash flows.
Oil & gas companies continued to be in focus on account of the likelihood of gas prices being cut to USD 5.02 per mmbtu effective April 1, 2015. Analysts say the lower gas prices will impact the likes of ONGC where a 10 percent fall in gas prices is likely to impact earnings by 9 percent. Analysts also believe that this has been priced in by recent fall in stock prices.
Globally, Asian markets gained with Chinese markets at new high as a modestly positive lead from Wall Street offset the impact of sliding oil prices. Brent crude slipped below USD 56 a barrel.
The market has maintained its strong momentum with the Nifty trading at 8400 supported by telecom, banking & financials, IT and FMCG stocks. The broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 1.3 percent and 2.3 percent, respectively.
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The market extended gains led by banking & financials, FMCG, telecom, capital goods and technology stocks. The Sensex rose 317.15 points or 1.16 percent to 27775.79 and the Nifty climbed 85.35 points or 1.02 percent to 8426.75.
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The market rebounded sharply on Monday, tracking positive global cues. The Sensex rallied 197.15 points or 0.72 percent to 27655.79 and the Nifty reclaimed 8400, up 60.80 points or 0.73 percent at 8402.20.
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