Markets firm in late-morning deals

Auto, cement shares react to sales numbers

Markets continued to trade in the positive after opening marginally higher on the back of oil & gas stocks. The BSE Sensex has added 68 points to 18,891. Nifty is up 20 points at 5,738.

"I don’t think so that there is any stock from large cap which is going to give any healthy correction because the momentum of market is up," said Mudit Goyal, technical analyst, SMC Global.

Meanwhile in Asia markets were mostly in red as a better than expected US Manufacturing data failed to enthuse investors. Nikkei slipped 19 points while Hang Seng traded flat.

BSE Oil & gas index has added 1% to 8,736. The healthcare, metal and capital goods indices are up around half a per cent each. However, some weakness can be seen in FMCG and auto shares. Indian automobile companies came out with their monthly sales figures. However, sales in India continued to be low in September, with seven of the country’s leading manufacturers together selling 192,424 units, a growth of a mere 0.6%.

Dr Reddy's is the top gainer among Sensex stocks - up 2.6% at Rs 1,688. Market heavyweight - Reliance added 2% at Rs 850. Mahindra & Mahindra, Cipla and Maruti have added around 1% each.

On the other hand, Jindal Steel has slipped 3.4% at 420. Hero MotoCorp, ITC and Bajaj Auto are down around 1% each.

Bharti Airtel has moved the high court, challenging a show- cause notice by the department of telecommunications and an advisory from it that asked the company to stop 3G roaming services with immediate effect. Shares of Bharti are up 1% at Rs 268.

Cement shares have extended their recent rally triggered by hopes construction activity will pick up as the southwest monsoon has already started withdrawing from the country. Ambuja Cement is up 2% at Rs 214. ACC is up marginally at Rs 1,461.

BSE market breadth is fairly positive. Out of 2,597 stocks traded, 1,633 shares have advanced while 846 shares have declined.