Markets have extended gains and is trading at the day's high. The Sensex touched a high of 17,504 and is now up 98 points at 17,491. Nifty is up 29 points at 5,304.
Asian shares nudged lower on Tuesday as investors worried about a global economic deceleration. Hang Seng ended flat while Shanghai Composite and Nikkei slipped marginally in trades.
Heavy buying was noticed in auto and banking shares. BSE auto index jumped 1.3% to 9,506. Consumer durables, bankex, healthcare and realty indices added 1% each. However, FMCG shares languished in trades.
Tata Motors added 2.5% to Rs 246 after Ratan Tata, company’s chairman said that the Tata Motors is turning to China to buy auto parts unavailable in India as it seeks to offer vehicles with automatic transmission at home. Hero MotoCorp, Maruti Suzuki and Bajaj Auto advanced 1.2% each. From the pharma space, Cipla gained 1.4% to Rs 327.
ICICI Bank was the top mover and contributed 14 points to the Sensex's upmove. Among other gainers were Larsen & Toubro, Dr Reddy's and Bharti Airtel. Larsen & Toubro’s wholly owned subsidiary, Tamco Switchgear, has acquired Henikwon Corporation.
OnMobile Global has bounced back by 15% from day’s low of Rs 30.90 after Arvind Rao, founder, managing director and chief executive officer of the company resigned following a KPMG report that confirmed faulty corporate practices under his stewardship.
However, NTPC shed 1% to Rs 158. Hindustan Unilever and Wipro declined marginally in trades.
Standard & Poor's has lowered the credit rating outlook of Tata Power to, citing financial issues related to its Mundra ultra mega power project. Tata Power is down 0.7% at 101.
Mahindra Satyam rose 1.05% after the company said it has entered into a strategic partnership with Aspire Zone Foundation, the leading sports city in the Middle East.
BSE market breadth is positive. Out of 2,691 shares traded, 1,559 shares have advanced while 1,019 shares have declined.
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