Benchmark share indices consolidated on Wednesday to end flat after investors remained cautious on concerns of muted third quarter earnings growth. However, the broader market outperformed the benchmarks after renewed focus was seen in select mid-cap and small-cap stocks.
The 30-share Sensex provisionally ended up 3 points at 16,168 and the 50-share Nifty ended up 9 points at 4,858
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(Updated at 14:46hrs)
Markets continue to trade in an extremely narrow range in late noon deals. The Sensex has added 6 points at 16,171 and the Nifty has advanced 9 points to 4,859 levels.
For the most part of the day the markets traded in a narrow range, the Sensex has so far traded in a range of 100 points.
However, the mid-cap and large-cap pockets continue to witness the renewed buying interest. The BSE mid-cap index has jumped 1.1% or 60 points to 5,511 and the small-cap index is at 6,092 higher by 1.6% or 96 points.
Hindalco continues to remain the top gainer among the Sensex stocks, up 5% at Rs 129. DLF has also added 4.6% at Rs 193. Sterlite Industries, Tata Steel, Hero MotoCorp, Bajaj Auto, reliance Industries and NTPC are also among the gainers up 1-4% each.
On the other hand, Mahindra & Mahindra, TCS, Jindal Steel, Bharti Airtel, Cipla, ITC, Infosys, Hindustan Unilever and ONGC are among the prominent losers.
From the mid-cap pack, Wockhardt has rallied 13% to Rs 343 after the company said it has received final approval from the US health regulator to market generic Fluticasone nasal spray used for treating allergic nasal inflammation in the American market.
Sunteck Realty has also added 12% to Rs 288. HDIL, KSK Energy, Indiabulls Power, Jai Corp, Shoppers Stop and Dish TV are also among the top gainers.
Among the individual stocks, Sangam India has surged 7% to Rs 36.25 on receiving Rs 63 crore toll projects from the National Highway Authority of India (NHAI).
NMDC has moved higher by 2% at Rs 173 after the company signed a contract for By Product Plant (BPP) package for the upcoming 3-MTPA integrated steel plant at Nagarnar, with the consortium lead by Shriram EPC Ltd (SEPC).
On the sectoral charts, BSE Realty index is the top gainer, up 4% to 1,539. Metal index has also gained 1.4% to 10,226 levels. Oil & Gas, Power, Consumer Durables and Bankex indices are also trading higher.
At the same time IT stocks are under pressure ahead of Infosys results tomorrow. The BSE IT index has shed 1.2% to 5,846 levels. FMCG, auto and capital goods stocks are also facing a mild selling pressure.
From the Realty pack, Sobha Developers, Parsvnath Developers, Unitech, Oberoi Realty and Prestige Estates are among the top gainers.
Among the IT stocks, HCL Technologies, Wipro, Core Projects and Oracle Financial Services Software are among the top losers.
The overall market breadth remains extremely positive as 1,825 stocks are advancing while 911 are declining.