Mid-caps rev up tempo on St

STOCK REPORT

Expectations of robust December quarter results, that will start pouring in from next week, lifted key indices to end at record highs today.

Shares of mid-cap companies were in the limelight on renewed investor interest as their valuations are attractive when compared with frontline stocks, dealers said.

"We expect higher returns in mid-cap stocks when compared with large-caps," a dealer said.

The Bombay Stock Exchange's 30-share Sensex ended at 14014.92, up 72.68 points, or 0.5 per cent from Tuesday. Intraday, it had touched a life-time high of 14035.67.

The National Stock Exchange's 50-share Nifty closed at 4024.25, up 16.85 points, or 0.4 per cent. Intraday, it moved between 3985.00 and 4029.80.

CNX Midcap ended up 0.8 per cent while S&P CNX 500 Index gained 0.6 per cent, outperforming key indices. Turnover on BSE and NSE combined was roughly Rs 12,400 crore, against Rs 9,000 crore on Tuesday. On BSE, advances led declines 2:1.

Shares of information technology companies were biggest gainers in Nifty ahead of bellwether Infosys results on January 11. BSE IT Index, up 1.5 per cent, was top gainer among BSE indices.

"We expect Infosys' third quarter results to beat market expectations on the back of the American depository share issue," a dealer said.

Infosys Technologies shares ended 2 per cent up at Rs 2,311. Shares of telecom companies also rose, as they are likely to post robust results for the December quarter due to rising subscriber base. Mahanagar Telephone Nigam rose 3 per cent to Rs 151, while Bharti Airtel gained 1 per cent at Rs 641.