Markets continue to trade strong

After touching a low of 18,571, the markets quickly recovered to touch a high of 18,646 and continue to hover around the same. The Nifty has added 19 points and is at 5,596.In the broader markets; the smallcap index is at 0.8% while the midcap index is at 0.6%. The benchmark index at 0.4% continues to underperform.

Among the BSE sectoral indices, Oil & Gas up 0.9% leads the chart followed by metal, auto and Capital Goods. This is for the second consecutive day that the metal and auto indices are at the top. However, Bankex is trading flat and Power and FMCG continues to be the least gainers in the morning trades.

The top gainers on the Nifty are Idea up 4% followed by Tata Motors gaining 1.5%, Reliance, Ambuja Cement,TCS,SAIL and  L&T adding 1% each. Idea Cellular is trading 4% higher on reports that the United Arab Emirates’ (UAE) biggest phone company, Etisalat is considering buying a stake in the company as part of its expansion programme.

On the losers side on the Nifty are Unitech and Ranbaxy down 1.5% each, Tata Power, Siemens, Jaipraksh Associates and Power Grid shedding nearly 1% each.