Sensex above 6,300-mark, SBI perks up

The market sentiment has turned buoyant in the mid-morning trades, driven by strong third quarter results by SBI and steep upsurge in other old and new economy stocks.

Widespread buying in select heavyweights, banking, tech and other old economy stocks has spiralled the gains of the index to an intra-day high of 6,235. The Sensex is still above the 6,300-mark at 6,321 - up 82 points. The Nifty, too, has firmed up in current trades, and has shot up 32 points to 1,987.

Reliance, with volumes of over 6.89 lakh, has added 1.46% (Rs 7) to Rs 514. While ITC has rolled back into the green at Rs 1,391 (up Rs 5), HLL is up a notch at Rs 151.

SBI, on volumes of over 11.60 lakh, has shot up 4.13% (Rs 24) to Rs 606. ICICI Bank has gained 1.55% (Rs 5) to Rs 343, while HDFC Bank is subdued with a loss of Rs 3 at Rs 530.

Infosys has upped its gains by 1.36% (Rs 27) to Rs 1,978. While Wipro has gained 1.65% (Rs 11) to Rs 686, Satyam is up a tad at Rs 392.

HPCL, after a quite opening, has advanced 2.56% (Rs 9) to Rs 345, and ONGC is up a per cent (Rs 4) at Rs 794.

Auto, cement and pharma stocks are trading with decent gains.

Bajaj has added 1.43% (Rs 14) to Rs 1,021. While Tata Motors has inched up by 1.31% (Rs 6) to Rs 487, Maruti is up a per cent (Rs 4) at Rs 440. Hero Honda, however, is trading with a per cent loss (Rs 5) at Rs 532.

Grasim has moved up 1.88% (Rs 24) to Rs 1,317, and Gujarat Ambuja has logged 2.16% gains (Rs 9) to Rs 429. ACC is up a per cent (Rs 3) at Rs 351.

Ranbaxy has jumped 3.43% (Rs 35) to Rs 1,057. While Dr. Reddy's has added 1.86% (Rs 14) to Rs 744, Cipla is up 1.64% at Rs 272.

Bharti, on volumes of over 3.17 lakh, has gained 3.31% (Rs 7) to Rs 217. L&T at Rs 941 (up Rs 31 or 3.43%), Hindalco at Rs 1,285 (up Rs 14 or 1.12%) and Tata Power at Rs 360 (up Rs 9 or 2.68%) have firmed up on further buying support.

Select counters have attracted considerable buying support. Padmalaya Telefilms has soared nearly 15% (Rs 6) to Rs 46, and Gillette has spurted 9.56% (Rs 60) to Rs 690. While Dhampur Sugar Mills has advanced 8.54% (Rs 10) to Rs 122, Essar Steel has moved up 8% to Rs 37. Max India, Cadila Healthcare, Rane Breaks, VST Industries, Gujarat NRE Coke and Bajaj Hindustan have mopped up gains in a range of 6-7%.

Royal Airway at Rs 49, Bharat Forge at Rs 1,295 and Monnet Ispat at Rs 187 have clocked new highs in mid-morning trades.