Markets extend gains

The markets continue the upward movement. The Sensex is up 144 points at 19,604 and Nifty is at 5896 up 31 points

HDFC, ICICI Bank, Infosys, HDFC Bank and Tata Motors are among the top gainers on the Sensex. At the same time DLF, Jaiprakash Associates, Tata Power, Reliance Infrastructure and SBI have dropped in trades.

The companies which were linked to the housing loan scam have recovered marginally. LIC Housing Finance has recovered from intra-day lows and is now trading at Rs 1,060. Punjab National Bank is down 4% at Rs 1213 while Money Matters Financial Services is down 20% at Rs 425.

Real estate stocks are witnessing heavy selling pressure amid concerns regarding the housing loan scam. The BSE Realty index has shed 77 points at 2964. D B realty is the top loser among the real estate stocks down 10% at Rs 235 followed by Orbit Corp, Anant Raj Industries and Ackruti City.

BSE IT index is the top gainer among the sectoral indices up 95 points at 6033, followed by Auto, Consumer Durables and healthcare indices up more than 0.7% each.

The broader markets are looking flat with mid-cap index losing two points and the small-cap index is up 17 points at 10,171.

The overall market breadth is negative as 1278 stocks are declining while 1278 stocks are advancing.