 "Markets edge higher in noon deals on rate cut hopes")
Markets continue to edge higher in early noon deals as February core inflation at 3.8% gives enough headroom for rate cut by the RBI in its policy review on March 19 . At 1300 hrs, the Sensex was up 146 points at 19,508 and the Nifty gained 45 points at 5,896.
Meanwhile, the broader markets remain lackluster with the midcap index marginally up by 0.1% and the smallcap index was down 0.2%. Both the indices underperformed the Sensex which gained 0.8% since the late morning trades.
In Asia, shares fell with regional factors outweighing positive sentiment from another record Wall Street close after strong U.S. retail sales sustained an optimistic growth outlook, while the dollar index stayed near seven-month highs.
Among the sectoral indices, Banks, Realty, IT, FMCG,PSU and Oil & Gas indices gained 0.6-2%. On teh other hand, Consumer Durables and Auto indices remained in the negative, losing 1.5% and 0.1% respectively.
The top Sensex gainers in the early noon deals were SBI, Hindustan Unilever, ICICI Bank, Maruti Suzuki and HDFC Bank up 2-3%.
The other gainers included TCS, ONGC, Tata Steel, BHEL and Mahindra & Mahindra up 1% each.
Axis Bank and HDFC Bank recovered and are up 1-2% after a negative start following an expose by an online newspaper Cobrapost that these banks allegedly indulged in money laundering.
On the losing side were Bajaj Auto and Gail India down 1.7% each followed by Tata Motors, Bharti Airtel, Sun Pharma and Hindalco down 0.5-1%.
The market breadth was negative. 1,399 stocks declined while 1,164 stocks advanced on the BSE.
Meanwhile, the broader markets remain lackluster with the midcap index marginally up by 0.1% and the smallcap index was down 0.2%. Both the indices underperformed the Sensex which gained 0.8% since the late morning trades.
In Asia, shares fell with regional factors outweighing positive sentiment from another record Wall Street close after strong U.S. retail sales sustained an optimistic growth outlook, while the dollar index stayed near seven-month highs.
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The MSCI's broadest index of Asia-Pacific shares outside Japan extended early losses to fall 0.6% by midmorning, led lower by the materials sector which slid 1.3%.Hong Kong shares fell 0.7%, after losing the last of their 2013 gains on Wednesday. Shanghai shares eased 0.1%. Japan's Nikkei stock average bucked the regional downtrend to rise 0.4%.
Among the sectoral indices, Banks, Realty, IT, FMCG,PSU and Oil & Gas indices gained 0.6-2%. On teh other hand, Consumer Durables and Auto indices remained in the negative, losing 1.5% and 0.1% respectively.
The top Sensex gainers in the early noon deals were SBI, Hindustan Unilever, ICICI Bank, Maruti Suzuki and HDFC Bank up 2-3%.
The other gainers included TCS, ONGC, Tata Steel, BHEL and Mahindra & Mahindra up 1% each.
Axis Bank and HDFC Bank recovered and are up 1-2% after a negative start following an expose by an online newspaper Cobrapost that these banks allegedly indulged in money laundering.
On the losing side were Bajaj Auto and Gail India down 1.7% each followed by Tata Motors, Bharti Airtel, Sun Pharma and Hindalco down 0.5-1%.
The market breadth was negative. 1,399 stocks declined while 1,164 stocks advanced on the BSE.