Business Standard

Markets edge higher in noon deals as oil shares gains

Reliance Industries, ONGC and HDFC Bank among the top gainers

SI Reporter Mumbai
Markets extend gains in the noon deals on the back of advances in names like Reliance Industries, ONGC and HDFC Bank. At 1430 hrs, the Sensex was up 58 points at 19,518 and the Nifty added nine points at 5,907.

Meanwhile, broader markets remained weak, with both the midcap and the smallcap indices languishing in the red, down 0.7-0.8%.

In Asia, yen recovered from lows against the dollar and Tokyo stocks jumped closer to a 33-month high on Tuesday after markets took comments from a US official as approval for Japan to pursue anti-deflation policies that weaken the yen.

Trading resumed in Japan and South Korea but markets in Singapore, Hong Kong, mainland China, Malaysia and Taiwan remained closed. The MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.1%, with Australian shares closing flat ahead of corporate earnings due this week.

European markets started mixed, with London's FTSE 100 and Frankfurt's DAX down 0.1%-0.3% while Paris's CAC-40 was flat with a positive bias.

Among the sectoral indices, Oil & Gas, Health Care, PSU, Consumer Durables, Auto, Bankex and FMCG indices gained 0.2-1%. On the other hand, the ones in the red were Realty down 4.5% followed by Metal, IT, Power and Capital Goods, down 0.2-0.7%.

The gainers among the Sensex stocks in the noon deals were ONGC, Sun Pharma up 2.5% each closely followed by Coal India and Bharti Airtel up 2% each.

The other notable gainers were HDFC Bank, Reliance Industries, Tata Motors and Bajaj Auto up 1% each.

On the losing side was Jindal Steel down over 3% along with Sterlite, Infosys, Hero MotoCorp and Tata Power down 1% each.

The market breadth continued to remain in the negative on account of weakness in broader markets. 1756 stocks declined while 934 stocks advanced on the BSE.

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First Published: Feb 12 2013 | 2:42 PM IST

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