 "Markets surge as financials, autos gain")
Markets continued to surge in the morning trades with both the benchmark indices gaining over 1% each. The gains were lead by FMCG majors along with financials.
At 1050 hrs, the Sensex was up 202 points at 18,560 and the Nifty gained 60 points at 5,628.
However, the broader markets continued to underperform with the mid and smallcap indices adding 0.4-0.5%.
The only losers among the Sensex-30 were IT names like Infosys, TCS down 0.5-1% along with Cipla and metal scrips like Sterlite and Hindalco losing 0.4-1.7%.
Tata power continued to the top gainer followed by Hero MotoCorp, HDFC, L&T, Maruti Suzuki, Hindustan Unilever and Mahindra & Mahindra up 2-3.3%.
Shares of companies engaged in gold loan business like Muthoot Finance and Manappuram Finance have extended their yesterday’s fall and trading lower by up to 10% after the sharp slide in gold prices.
Manappuram Finance is locked in maximum lower circuit of 10% for a second consecutive day at Rs 15.70 on BSE. The stock is currently trading at its lowest level since August 2009.
Muthoot Finance has tanked 8% to Rs 121, extending its Monday’s 13% fall on the BSE. The stock opened at Rs 124 and touched low of Rs 116 so far.
In other stocks, Uttam Galva Steel is locked in upper circuit of 5% at Rs 70.95 on BSE on reports that the South Korean steel major Posco will join hands with the company to set up a three million-tonne-per-annum (tpa) integrated steel plant in Maharashtra.
CMC has dipped 5% to Rs 1,345 after reporting a marginal 0.46% quarter-on-quarter (qoq) growth in its consolidated net profit at Rs 61.34 crore for the quarter ended March 2013. IT solutions provider had profit of Rs 61.06 crore in December quarter
The market breadth improved with 973 stocks advancing while 679 stocks declined on the BSE.
At 1050 hrs, the Sensex was up 202 points at 18,560 and the Nifty gained 60 points at 5,628.
However, the broader markets continued to underperform with the mid and smallcap indices adding 0.4-0.5%.
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Among the sectoral indices, Capital Goods, Power, Bankex, Auto, FMCG and PSU indices gained 1-2%. However, weakness persisted in IT, Consumer Durables and Metal indices.
The only losers among the Sensex-30 were IT names like Infosys, TCS down 0.5-1% along with Cipla and metal scrips like Sterlite and Hindalco losing 0.4-1.7%.
Tata power continued to the top gainer followed by Hero MotoCorp, HDFC, L&T, Maruti Suzuki, Hindustan Unilever and Mahindra & Mahindra up 2-3.3%.
Shares of companies engaged in gold loan business like Muthoot Finance and Manappuram Finance have extended their yesterday’s fall and trading lower by up to 10% after the sharp slide in gold prices.
Manappuram Finance is locked in maximum lower circuit of 10% for a second consecutive day at Rs 15.70 on BSE. The stock is currently trading at its lowest level since August 2009.
Muthoot Finance has tanked 8% to Rs 121, extending its Monday’s 13% fall on the BSE. The stock opened at Rs 124 and touched low of Rs 116 so far.
In other stocks, Uttam Galva Steel is locked in upper circuit of 5% at Rs 70.95 on BSE on reports that the South Korean steel major Posco will join hands with the company to set up a three million-tonne-per-annum (tpa) integrated steel plant in Maharashtra.
CMC has dipped 5% to Rs 1,345 after reporting a marginal 0.46% quarter-on-quarter (qoq) growth in its consolidated net profit at Rs 61.34 crore for the quarter ended March 2013. IT solutions provider had profit of Rs 61.06 crore in December quarter
The market breadth improved with 973 stocks advancing while 679 stocks declined on the BSE.