Markets surge in noon trades

Volatile markets have extended gains in noon trades.

The Sensex, after a firm opening, dropped to a low of 19,641 on selling pressure in auto and realty stocks. However, it recovered from there and is now up 211 points at 19,796.

Nifty is up 63 points at 5,953.

BSE mid and small-cap indices have under-performed the broader markets. Mid-cap index is up 0.5% at 8,117. Small-cap index is up 1% at 10,330.

All sectoral indices are in green. IT, oil & gas, realty and bankex are leading the pack.

Wipro - among IT stocks - has jumped 3.3% to Rs 415. Infosys has added 2% to Rs 3,025. HCL Tech and TCS have added around 1% each.

"Infosys is looking good at current levels but still heavy short position persist in this counter. If Infosys closes above 3050 levels than sharp short covering is expected. However, i will avoid Wipro & TCS for time being", says Nandish Patel, derivative analyst, Sharekhan.

Fertiliser shares have slipped following news that the department of fertilisers (DoF) has rejected the finance ministry’s recommendation on decontrolling the urea prices. The DoF will be going ahead with the NPS scheme. Coromandel International, Rashtriya Chemicals and Fertilisers (RCF), National Fertilisers, Zuari Industries, GSFC and Chambal Fertilisers are trading 4-10% down on the bourses.

Jaiprakash Associates has added 3% to Rs 124. DLF has added 2.3% to Rs 315.

Bharti Airtel, Tata Power, Tata Steel and Hindalco are among the gainers. HDFC Bank, ICICI Bank and ONGC are up over 1% each.