Markets continued to trade with a positive bias in the past one hour of trade, the Sensex added 141 points at 19,365 and the S&P CNX Nifty was at 5815 up 52 points.
On the sectoral front, Bankex continued the positive run, the index added more than 2% or 251 points at 12,388, followed by Healthcare, Metal, PSU and Auto indices. The BSE Realty, IT and Teck indices continued to reel under the selling pressure.
Meanwhile, the European markets opened on a positive note, the FTSE was trading higher by 36 points at 5992, CAC was at 3823 up 21 points and however the DAX was down 90 points at 6857.
Back home on the corporate front, Goa Carbon anounced the third quarter result the Q3 net profit came in at Rs 2.8 crore compared to Rs 8.7 crore during the same period previous year.
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(Updated at 12:45 Pm)
The markets traded in a narrow range in the noon deals. The Sensex traded in a range of 233 points and was at 19,355 up 131 points and the S&P CNX Nifty was higher by 42 points at 5804.
According to Deepak Singh Tanwar, a Mumbai-based technical analyst, "The rally is likely to face strong resistance around 5870-5900 range. While the outlook is negative, a consolidation is likely. The index has support around 5700 points on the down side."
Hindalco Industries was the top gainer among the Sensex stocks, the stock was trading higher by more than 3% at Rs 229. Reliance Communication also added more than 3% and was trading at Rs 139. Bajaj Auto, ONGC, State Bank of India, BHEL, Hero Honda, NTPC, HDFC Bank and Sterlite Industries were also among the gainers, up more than 1% each. On the other hand Infosys was the top loser down more than 2.5% at Rs 3310, followed by TCS, DLF, Tata Motors, Wipro and Maruti Suzuki.
Banking stocks witnessed some buying after intense selling witnessed during the past two trading session, the BSE banking- Bankex was the top sectoral gainer, up 1.5% or 185 points at 12,322. PSU index was also higher by more than 1% or 93 points at 8978. FMCG, Power, Metal and Capital Goods indices were also trading higher by more than 0.7% each.
Realty and Technology stocks came under selling pressure with the BSE Realty index and the BSE IT index slipping 1.7% and 1.6% respectively in noon deals.
Among the banking stocks Indusind Bank was the top gainer. The stock added more than 4% and was trading at Rs 233. Yes Bank, Kotak Mahindra Bank, State Bank of India and Axis Bank were among the other key gainers. State Bank of Mysore, Rural Electrification Corporation, Allahabad Bank, ONGC, State Bank of India and Indian Bank were among the top gainers on the PSU charts.
Unitech, Peninsula Land, Phoenix Mills, Sobha Developers, Parsvanath Developers and Orbit Corp were among the losers on the Realty charts, down more than 1.4% each. Among the IT stocks Patni Computers was the top loser down more than 2.7% at Rs 451 followed by Infosys, Financial technologies, TCS and Tech Mahindra.
The broader markets traded on a flat note, the BSE Mid-cap index was unchanged at 7296 and the small- cap index was up 9 points at 9107.
The overall market breadth was neutral - as 1,337 stocks declined while 1,335 stocks advanced.