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Markets have surged in late-morning deals with buying interest seen in oil & gas shares. BSE Sensex, after opening on a cautious note, have recovered to a high of 19,790. The index is now up 84 points at 19,776. Nifty is up 27 points at 6,007.
The broader markets gained in line with the benchmark. BSE mid-cap index is up 37 points at 6,482. Small-cap index has added 28 points at 6,142.
Asian shares snapped a two-day losing streak and rose on Tuesday as a suprising rise in US retail sales boosted sentiment, but the dollar took a breather after gaining broadly on growing optimism about the recovery in the world's largest economy. The markets slipped soon after with the Shanghai Composite slipping 1.3% and Nikkei and Hang Seng dropping marginally as well.
BSE oil & gas index has added 1% at 8783. PSU, healthcare and IT indices are up 1% each as well. On the other hand, the consumer durables index has shown weakness and dipped half a per cent. BSE capital goods and realty indices are trading flat the moment.
Tata Steel was the top loser among Sensex stocks - down 0.7% at Rs 303. From the auto space - Bajaj Auto and Hero Motcorp slipped 0.5% each.
Meanwhile, Gail India has added 2.3% at Rs 340. Hindalco is up 2.2% as is ONGC. Among other gainers are Tata Motors, Bharti Airtel and Cipla.
Elder Pharma is locked in lower limit of circuit filter for third consecutive day, down 10% at Rs 202, its lowest level since May 2009 on BSE after the company said an institutional investor invoked pledged shares and sold them in the open market. The stock has tanked 46% in past five trading sessions.
Zydus Wellness has rallied 9% to Rs 540, extending its previous day’s 6% gain, on reporting a healthy 59% year-on-year (yoy) jump in its consolidated net profit at Rs 37 crore for the fourth quarter ended March 31, 2013 on the back of strong revenue growth. The consumer products firm had reported a profit of Rs 23.5 crore in the year ago quarter.
Tata Coffee lost 3.18% to Rs 1,585 after consolidated net profit fell 12.5% to Rs 25.22 crore on 0.1% decline in net sales to Rs 374.45 crore in Q4 March 2013 over Q4 March 2012.
BSE market breadth is positive. Out of 2034 stocks traded, 1104 stocks advanced while 837 stocks delcined in trades.
