 "Markets continue to trade firm led by financials")
Markets continued to trade firm in late morning deals, amid firm Asian cues, led by gains in private banking majors.
At 10:30am the 30-share Sensex was up 108 points at 18,523 and the 50-share Nifty was up 26 points at 5,585.
For the Nifty, a move beyond 18462 / 5569 may attract significant buying interest among participants. In this scenario, indices may bounce towards 18562 – 18630 / 5605 – 5650 levels. On the flipside, yesterday’s low of 18173 / 5477 would act as a key support in coming trading session. Bank Nifty is likely to rally towards 11250 - 11365. On the downside yesterday’s low of 10888 is likely to act as support for the day, Angel Broking said in a technical note.
Tata Motors was the top Sensex gainer up 4.6% at Rs 280 after it's overseas subsidiary Jaguar Land Rover reported a robust 16% growth in global sales to 53,772 units in March 2013 compared with March 2012. For the first quarter of 2013 (Jan-Mar), sales grew 17% to 115,504 units compared to the same quarter in 2012.
In the banking segment, ICICI Bank was up 3% and HDFC Bank was up nearly 1% tracking gains of their respective ADRs on the NYSE. ICICI Bank ADR ended up 5.4% or $2.12 at $41.56 while HDFC Bank ADR ended up 4.5% or $1.62 at $38.02 in overnight trades on on the New York Stock Exchange.
Infosys extended gains and was up 2.3% at Rs 2,878 ahead of its fourth quarter earnings which will be released tomorrow.
FMCG major ITC which had corrected recently pulled back today and was up nearly 1% at Rs 287.
Mortgage lender HDFC and Reliance Industries were down nearly 1% each and Bharti Airtel was down 1.4% at Rs 278.
Auto major Mahindra & Mahindra was down 1.5% at Rs 825 on reports of strike by workers at its Igatpuri unit in Nasik, Maharashtra. In a filing to the BSE, the company has informed that there has been a stoppage of work at the Company's Igatpuri Plant due to a tool down strike by the Union.
In the mid-cap space, Delta Corp, Essar Oil, Opto Circuits and Aurobindo Pharma are among the gainers while Jet Airways and Future Retail were among the losers on the BSE.
In the broader market, the BSE Mid-cap and Small-cap indices were up 0.5% each.
Market breadth was strong with 982 gainers and 558 losers on the BSE.
At 10:30am the 30-share Sensex was up 108 points at 18,523 and the 50-share Nifty was up 26 points at 5,585.
For the Nifty, a move beyond 18462 / 5569 may attract significant buying interest among participants. In this scenario, indices may bounce towards 18562 – 18630 / 5605 – 5650 levels. On the flipside, yesterday’s low of 18173 / 5477 would act as a key support in coming trading session. Bank Nifty is likely to rally towards 11250 - 11365. On the downside yesterday’s low of 10888 is likely to act as support for the day, Angel Broking said in a technical note.
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Asian shares were trading with gains tracking overnight gains on Wall Street and growing optimism about the Chinese economy. The Nikkei was up 1.2%, Hang Seng rose 0.8% each while Shanghai Composite and Straits Times were up 0.1-0.4% each.
Tata Motors was the top Sensex gainer up 4.6% at Rs 280 after it's overseas subsidiary Jaguar Land Rover reported a robust 16% growth in global sales to 53,772 units in March 2013 compared with March 2012. For the first quarter of 2013 (Jan-Mar), sales grew 17% to 115,504 units compared to the same quarter in 2012.
In the banking segment, ICICI Bank was up 3% and HDFC Bank was up nearly 1% tracking gains of their respective ADRs on the NYSE. ICICI Bank ADR ended up 5.4% or $2.12 at $41.56 while HDFC Bank ADR ended up 4.5% or $1.62 at $38.02 in overnight trades on on the New York Stock Exchange.
Infosys extended gains and was up 2.3% at Rs 2,878 ahead of its fourth quarter earnings which will be released tomorrow.
FMCG major ITC which had corrected recently pulled back today and was up nearly 1% at Rs 287.
Mortgage lender HDFC and Reliance Industries were down nearly 1% each and Bharti Airtel was down 1.4% at Rs 278.
Auto major Mahindra & Mahindra was down 1.5% at Rs 825 on reports of strike by workers at its Igatpuri unit in Nasik, Maharashtra. In a filing to the BSE, the company has informed that there has been a stoppage of work at the Company's Igatpuri Plant due to a tool down strike by the Union.
In the mid-cap space, Delta Corp, Essar Oil, Opto Circuits and Aurobindo Pharma are among the gainers while Jet Airways and Future Retail were among the losers on the BSE.
In the broader market, the BSE Mid-cap and Small-cap indices were up 0.5% each.
Market breadth was strong with 982 gainers and 558 losers on the BSE.