The markets have been mired in confusion for a prolonged period of time and this afternoon is no different. After showing some signs of breaking free from its moribund state, with the BSE benchmark surging in three-figure mark in mid-morning trades, the Sensex has recoiled and is now quoting at 18293, higher by 27 points and the Nifty is at 5493, up 11 points. The broader market space is doing somewhat better; the midcap space has rallied by 0.5% at 6954 and the smallcap index has inched higher by 29 points at 8343.
On the global front, markets across Asia had a good session. The Seoul, Taiwan and Nikkei indices gained more than a percent each. And the European markets, including the FTSE, CAC and DAX are also looking good in early trades, having surged in the region of around a percent each.
Reliance Infra continues to top the gainers list on the BSE, racing ahead by 1.9% at Rs 553. Bajaj Auto has gained 1.4% at Rs 1361 and ITC has added 1.3% at Rs 193. Jindal Steel, Tata Power and M&M are the other significant gainers.
On the other hand, Tata Motors is continuing its bad run, weakenening by 2.3% at Rs 989, on the BSE. Hindalco has shed 1.9% at Rs 176 and HDFC has lost 1.7% at Rs 646.
The market breadth is strong. Out of 2842 stocks traded on the BSE, there are 1548 advancing stocks as against 1173 declines.
