Strong trades pushed the markets higher in the late morning session. The Sensex, which touched a fresh high of 18,041, up 178 points from the intra-day low, a little while ago, pared its gains soon after, and was quoting at 18,011 up 164 points, while the Nifty, at 5,399, gained 49 points.
Metal stocks surged, with the index adding 2%, buoyed by Tata Steel's handsome Q4FY11 result, which reflected 72% growth in its net profit at Rs 4,178 crore versus Rs 2,434 crore in Q4FY10. Sterlite Industries added 3% at Rs 167, followed by Hindalco Industries at Rs 189 and Reliance Industries at Rs 930, both up nearly 3%. Tata Steel advanced more than 2% at Rs 575, while Tata Motors, ICICI Bank, ONGC and Jaiprakash Associates added 2% each.
Only four of the Sensex components were trading in the red, with Mahindra & Mahindra leading the losses down 1% at Rs 675, while ITC slipped 0.5% to Rs 188, and Infosys at Rs 2,787 and BHEL at Rs 1,916 declined marginally.
In the broader markets, the Mid-cap index under-performed the benchmark at 6,659 up 0.5%. The Small-cap index moved in line with the Sensex and advanced nearly 1% to 8,073.
Energy stocks gained momentum today, and the index was trading higher by 2% at 9,308. Sensex heavyweight RIL moved up 2% on media reports the government has decided to supply gas at regulated rates only to top-priority customers. This implies RIL will enjoy substantial pricing freedom, on account of this selective gas price deregulation.
Metal stocks had a field day, with the index gaining 2% at 14,948, backed by Tata Steel's 72%-rise in Q4FY11 earnings. The Bankex advanced 1% to 11,956.
Only the Consumer Durbales index was trading in the red amongst the sectoral indices, down 0.5% at 6,406.
