 "Nifty hovers around 7,310; Hindalco down 3%")
Markets have come off their morning highs as profit taking in HDFC Bank and Hindaclo capped gains in index heavyweight Reliance Industries, SBI and capital goods shares.
At 1315 hrs, the Sensex was up 168 points at 24,541 and the Nifty was up 42 points at 7,318.
_________________
(Updated ta 1315 hrs)
Markets extended gains in noon trades, amid firm Asian cues, led by index heavweight Reliance Industries and capital goods shares.
At 12PM, the 30-share Sensex was up 236 points at 24,610 and the 50-share Nifty was up 64 points at 7,340.
The rupee retreated from its 11-month high of 58.36 in early trades as the Reserve Bank of India was seen buying dollars through state-run banks, according to traders. The currency was trading at Rs 58.49 compared to its previous close of Rs 58.50 against the US dollar.
Asian markets were trading firm after encouraging data from China and US, the world's largest economies. A private survey showed that China's factory sector registered its best performance in five months in May and US factory output rose at is fastest pace since February 2011. Further, the US housing market witnessed an improvement, with home resales rising in April. The Nikkei was up 0.9%, Hang Seng was flat while Shanghai Composite and Straits Times were up 0.3% each.
BSE Power index was the top gainer, up 2.6%, followed by Capital Goods, Metal, IT, Oil and Gas indices.
Reliance Industries extended gains and was up 1.4% on renewed buying interest after the stock breached 1,100 level. Its peer ONGC was up 2.5%.
Power-related shares, including equipment makers and power generators on hopes of policy reforms in the power sector while restructuring of Coal India is seen as positive for coal supplies to thermal power plants. L&T was up 2% while BHEL was up 3.5%.
Among the power generators, Tata Power and NTPC were up 2.5% each.
IT shares were up after the rupee retreated from 11-month highs and was trading flat against the US dollar. Infosys, TCS were up over 1% each.
Mobile phone major Bharti Airtel and mortgage lender HDFC were among the other Sensex gainers.
HDFC Bank was down 1.4% as the government has not increased FII investment limit in the private banking major.
Among other shares, Steel Strips has soared on the bourses after bagging an export order from Russia. The stock is quoting at Rs 188, stronger by Rs 10 or 5.7%, on the BSE. The order is worth Rs 30000 wheels and will cater to the passenger car segment in Russia, the company said in a filing to the BSE. The order will cater to the Russian after-market demand and open up an opportunity for the company to increase its foothold in the export markets, Steel Strips added.
In the broader market, BSE Mid-cap was up 1.2% and BSE Small-cap was up 1.6%.
Market breadth was strong with 1,970 gainers and 709 losers.
At 1315 hrs, the Sensex was up 168 points at 24,541 and the Nifty was up 42 points at 7,318.
_________________
(Updated ta 1315 hrs)
Markets extended gains in noon trades, amid firm Asian cues, led by index heavweight Reliance Industries and capital goods shares.
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At 12PM, the 30-share Sensex was up 236 points at 24,610 and the 50-share Nifty was up 64 points at 7,340.
The rupee retreated from its 11-month high of 58.36 in early trades as the Reserve Bank of India was seen buying dollars through state-run banks, according to traders. The currency was trading at Rs 58.49 compared to its previous close of Rs 58.50 against the US dollar.
Asian markets were trading firm after encouraging data from China and US, the world's largest economies. A private survey showed that China's factory sector registered its best performance in five months in May and US factory output rose at is fastest pace since February 2011. Further, the US housing market witnessed an improvement, with home resales rising in April. The Nikkei was up 0.9%, Hang Seng was flat while Shanghai Composite and Straits Times were up 0.3% each.
BSE Power index was the top gainer, up 2.6%, followed by Capital Goods, Metal, IT, Oil and Gas indices.
Reliance Industries extended gains and was up 1.4% on renewed buying interest after the stock breached 1,100 level. Its peer ONGC was up 2.5%.
Power-related shares, including equipment makers and power generators on hopes of policy reforms in the power sector while restructuring of Coal India is seen as positive for coal supplies to thermal power plants. L&T was up 2% while BHEL was up 3.5%.
Among the power generators, Tata Power and NTPC were up 2.5% each.
IT shares were up after the rupee retreated from 11-month highs and was trading flat against the US dollar. Infosys, TCS were up over 1% each.
Mobile phone major Bharti Airtel and mortgage lender HDFC were among the other Sensex gainers.
HDFC Bank was down 1.4% as the government has not increased FII investment limit in the private banking major.
Among other shares, Steel Strips has soared on the bourses after bagging an export order from Russia. The stock is quoting at Rs 188, stronger by Rs 10 or 5.7%, on the BSE. The order is worth Rs 30000 wheels and will cater to the passenger car segment in Russia, the company said in a filing to the BSE. The order will cater to the Russian after-market demand and open up an opportunity for the company to increase its foothold in the export markets, Steel Strips added.
In the broader market, BSE Mid-cap was up 1.2% and BSE Small-cap was up 1.6%.
Market breadth was strong with 1,970 gainers and 709 losers.