Markets remain positive, L&T up 2%

Benchmark Indices continue to maintain a positive trend after a flat opening tracking mixed global cues. At 1130 hrs, the Sensex was up 57 points at 15,940 and the Nifty gained 13 points to 4,763.

On the global front, US stocks ended higher on the strength of retail and carmaker numbers despite lower than forecast factory orders and euro zone banking concerns. Asian markets are trading mixed.

Back home, BSE capital goods index has spurted by almost 2%. L&T is the top Sensex gainer up 2% while BHEL has gained 1%.

From the oil & gas space, index heavyweights like Reliance Industries and ONGC have gained 1% each. The board of directors of ONGC has approved interim dividend of 125% or Rs 6.25 per equity share of Rs 5 each, for the current financial year.

Among auto segment, Tata Motors has extended yesterday’s rally, zooming by nearly 1%. Meanwhile, Hero Motocorp and Bajaj Auto have rebounded by 2% on short covering. M&M has gained 1%.

However, Maruti Suzuki has lost 1% as the company said its royalty payout would increase by average 20% in FY12 on weak rupee.

In the banking and financial space, SBI, HDFC and HDFC Bank have gained by nearly 1% while ICICI Bank is trading marginally lower.

Technology stocks like Infosys and TCS have gained by nearly 1%. Wipro is marginally positive.

On the losing side, Bharti Airtel from the telecom space has extended yesterday’s downfall, plunging by nearly 1%.

In the realty space, DLF is the top Sensex loser, down 3%.

FMCG majors ITC and HUL have declined by nearly 1%.

The broader markets too are performing in line with benchmark indices, gain by nearly 0.5%.

Hexaware has rallied 3% as sources reports that the company may be up for sale.

CCL Products (India) has rallied 14% to Rs 143 on reports that the export of instant coffee reached an all-time high during the calendar year 2011. The company is the largest coffee exporters accounted 11% of the total coffee export made by the India.

Tata Metaliks has surged 12.5% to Rs 72.25, extending its Wednesday’s 19% rally, on the back of huge volumes.

GMR Infra is down over 1% as sources reports that the company allowed to hike Delhi tariffs by only 3 fold as against proposal for a 7 fold hike, which could lead possible revenue loss of Rs 3,000 crore to DAIL.

The market breadth in BSE remains healthy with 1,417 shares advancing and 732 shares declining.