 "Markets continue to trade firm; RIL up 1%")
Markets continued to trade firm in late morning trades on Wednesday, amid strong Asian cues, led by gains in index heavyweight Reliance Industries and pharma shares. However, sales by foreign institutional investors in the previous three sessions weighed on investor sentiment.
At 11:25AM, the 30-share Sensex was up 66 points at 20,759 and the 50-share Nifty was up 21 points at 6,183.
Meanwhile, foreign institutional investors continued to remain sellers for the third straight day on Tuesday with sales of Rs 567 crore as per provisional data released by the stock exchange.
Asian markets rebounded on Wednesday after encouraging trade data raised hopes of growth in the US. Japan's benchmark index, the Nikkei, was the top gainer in the region up 1.5%. Among other stocks in the region, Shanghai Composite was up 0.2%, Hang Seng gained 1.2% and Straits Times was up 0.8%.
BSE Healthcare was the top gainer among the sectoral indices up 1.3% followed by Realty, Oil and Gas, Power indices.
Pharmaceutical companies which earn a significant amount of revenue from exports were up as the rupee continued to remain above Rs 62 mark against the US dollar. Sun Pharma and Cipla were up over 2.3% each.
Among other Sensex gainers, TCS was up 1%, Reliance Ind gained 1.3% and ICICI Bank was up 0.8%.
Tata Motors continued to witness short covering at lower levels after the stock corrected following dismal December sales. The stock was up 0.8%.
However, Infosys continued to witness profit taking ahead of its third quarter earnings due for release on Friday. The stock was down 0.8%.
Among other shares, Videocon Industries is trading higher by 2% at Rs 182 after the company said it has completed the sale of its entire stake in a giant gas field off Mozambique to ONGC Videsh and Oil India.
Apollo Tyres has surged 6% to Rs 113 in early noon deals on back of heavy volumes on the bourses. The stock has opened at Rs 107 and touched a record high of Rs 114 on the NSE.
The broader market outperformed the benchmark indices with both the BSE Mid-cap and Small-cap indices up 0.9% each.
Market breadth was positive with 1,407 gainers and 645 losers on the BSE.
At 11:25AM, the 30-share Sensex was up 66 points at 20,759 and the 50-share Nifty was up 21 points at 6,183.
Meanwhile, foreign institutional investors continued to remain sellers for the third straight day on Tuesday with sales of Rs 567 crore as per provisional data released by the stock exchange.
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The rupee was trading firm as exporters and foreign banks sold dollars. Strong Asian cues also boosted sentiment for the Indian currency. The rupee was trading at Rs 62.25 compared with the previous close of Rs 62.31.
Asian markets rebounded on Wednesday after encouraging trade data raised hopes of growth in the US. Japan's benchmark index, the Nikkei, was the top gainer in the region up 1.5%. Among other stocks in the region, Shanghai Composite was up 0.2%, Hang Seng gained 1.2% and Straits Times was up 0.8%.
BSE Healthcare was the top gainer among the sectoral indices up 1.3% followed by Realty, Oil and Gas, Power indices.
Pharmaceutical companies which earn a significant amount of revenue from exports were up as the rupee continued to remain above Rs 62 mark against the US dollar. Sun Pharma and Cipla were up over 2.3% each.
Among other Sensex gainers, TCS was up 1%, Reliance Ind gained 1.3% and ICICI Bank was up 0.8%.
Tata Motors continued to witness short covering at lower levels after the stock corrected following dismal December sales. The stock was up 0.8%.
However, Infosys continued to witness profit taking ahead of its third quarter earnings due for release on Friday. The stock was down 0.8%.
Among other shares, Videocon Industries is trading higher by 2% at Rs 182 after the company said it has completed the sale of its entire stake in a giant gas field off Mozambique to ONGC Videsh and Oil India.
Apollo Tyres has surged 6% to Rs 113 in early noon deals on back of heavy volumes on the bourses. The stock has opened at Rs 107 and touched a record high of Rs 114 on the NSE.
The broader market outperformed the benchmark indices with both the BSE Mid-cap and Small-cap indices up 0.9% each.
Market breadth was positive with 1,407 gainers and 645 losers on the BSE.