After touching the day's highs, the markets were trading in a range-bound fashion. The Sensex, which peaked at 19,649 at about 1030 hrs, was trading at 19,574 up 187 points, while the Nifty was at 5,872 up 48 points.
Gainers on the Sensex were led by Hero Honda at Rs 1,925 up 6% after the company announced an interim dividend of Rs 70 per equity share, with the record date set for April 21. Relaince Infra added 3% at Rs 707, followed by Bajaj Auto at Rs 1,451 and Reliance Industries at Rs 1,043 both up 2%. RIL, which gained after reports the company is to meet soon to discuss its priorities in the financial sector after its joint venture with financial firm DE Shaw, added 49 points to the total gains on the BSE benchmark.
Only four components on the Sensex were quoting in the negative, with Infosys at Rs 2,942 down 2%, TCS at Rs 1,178 and Cipla at Rs 319 both down 1% each. Heavy engineering PSU BHEL was down marginally at rs 2,225.
The broader markets performed smartly, with the Mid-cap index at 7,277 up 1% and the Small-cap index at 8,935 up more than 1%.
Auto stocks sustained their momentum, as the index added 2% at 9,638, followed by the Oil & Gas index at 10,209 and the Consumer Durables index at 6,488 both up nearly 2%.
The IT counter was the only one in the red at 6,236 down marginally 0.4%.
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(Updated at 1000 hrs)
After opening on a flat note markets made a sharp recovery led by gains in frontline shares such Reliance Industries and Larsen & Tourbo. The Sensex was up 170 points, at 19,555 and the Nifty gained 46 points, at 5,870.
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Infosys kick started the earnings season on a negative note as results were below analysts’ expectations. Brokerages expect a bumpy ride in the markets going forward if more front line companies undershoot estimates. Volatility is expected to remain high during the earnings season. The India VIX (Volatility Index) was up 1% at 22.
Edelweiss Research in the morning said, "Nifty is likely to continue the consolidation in the near-term with strong support at 5700 based on technical charts." Edelweiss expects an eventual break of the 5950 resistance which may resume the uptrend that commenced in late March for a test of 6100.
In Asia Japan's Nikkei Stock Average was down 0.2% as weakening Dollar weighed on technology exporter shares. Hang Seng advanced 0.5% but markets were choppy after People's Bank of China raised bank's reserve requirement by 0.5% for fourth time this year. Shanghai Composite was up 0.3%. South Korea's Kospi Composite edged up 0.1%, Taiwan's weighted index climbed 0.3% and Singapore's Strait Times added 0.4%.
BSE Consumer Durables index was leading the gains, up 1.9%. Top gainers from the Consumer Durables sector were Titan Industries, up 2.8%, Bajaj Electricals gained 1.7% and Gitanjali Gems advanced 1.4%.
Auto shares were in top gear, the index was up 1.6%. Hero Honda was the top gainer, up 5.3%, Tata Motors surged 1.5% and Amtek Auto advanced 1.5%.
BSE IT shares pared morning losses; the index was down 0.3%. Infosys recovered marginally after falling 3% in opening trades, the stock was down 1.7% and Patni Computers was down 0.5%.
Midcap and smallcap indices were up 0.8% and 1% each.
On the Sensex top gainers were Bajaj Auto, up 1.9%, Sterlite Industries added 1.8%, Reliance Industries gained 1.5% and Larsen & Tourbo was up 1.7%. Only two components on the Sensex were trading in the red, Cipla was down 0.3% and Infosys was off 1.7%.
Reliance Industries and Larsen & Tourbo pulled the Sensex up by 50 points.
Market breadth was positive 1526 stocks advanced for 471 stocks which declined.