 "Nifty tops 7,700 mark, Sensex gains over 300 points")
Markets have extended gains during the late trades led by gains in Index heavyweights Tata Motors and HDFC twins. At 15:05, the Sensex was higher by 347 points at 25,866 mark and the Nifty gained by 97 points at 7,722 levels.
The main gainers on the Sensex are Tata Motors, GAIL, HDFC, ONGC, Tata Power and Sun Pharma, all surging between 3-6%.
The broader markets are under performing the benchmark indices. BSE Midcap and Smallcap indices are up by 0.4%.
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(updated at 3.07 PM)
Markets were trading near their day's highs in late deals on Tuesday with Tata Motors leading the gains after it reported better-than-expected June quarter earnings.
At 2:35PM, the 30-share Sensex was trading 231 points higher at 25,750 and the 50-share Nifty was trading 65 points higher at 7,690.
The Indian rupee was trading higher at Rs 61.15 compared to the previous close of Rs 61.19 tracking gains in equities.
Asian markets ended with marginal gains with Nikkei up 0.2% at 15,161.31. However, Shanghai Composite was down 0.1% while Hang Seng and Straits Times were trading with marginal gains.
European shares were trading lower on concerns over growing tensions in Ukraine while the recent developments in Iraq also weighed on sentiment. The FTSE-100 was trading flat while CAC-40 and DAX were down 0.5% each.
Tata Motors was up 5.4% after reporting a robust 213% year-on-year (y-o-y) jump in consolidated net profit at Rs 5,398 crore for the quarter ended June 2014 (Q1), on back of strong demand for new products, growth in volumes, richer product mix and richer geographic mix at Jaguar Land Rover (JLR).
The country’s biggest automobile manufacturer had profit of Rs 1,726 crore in the corresponding quarter last year.
HDFC Group shares, HDFC and HDFC Bank were up 1.7-4.5% each. There is speculation of a possible merger of HDFC and HDFC Bank. However, the managements of HDFC and HDFC Bank have denied any merger talks.
Other Sensex gainers include, ONGC, Sun Pharma, ICICI Bank and L&T among others.
In the broader market, the BSE MId-cap index was up 0.3% and the Small-cap index was up 0.3%.
Market breadth was strong with 1,406 gainers and 1,390 losers on the BSE.