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Benchmark indices continued the uptrend in mid-morning trades with key indices trading near their highest levels since Novemeber 2010. The Sensex topped the 21,000 mark in early trades led by gains in banks and consumer durables stocks.
At 11:36AM, the 30-share Sensex was up almost 200 points at 20,967 after topping 21,000 mark and the 50-share Nifty was up 57 points at 6,235
Asian stocks continued to exhibit weakness after China's money market rates surged and worries over China's economic outlook. The Nikkei was down 0.6%, the Hang Seng slipped 0.9%, Straits Times lost 0.1% and the Shanghai Composite was down 0.2%.
The rupee was trading strong in early trade today as dealers drew comfort from the fact that the Reserve Bank of India (RBI) received $10 billion under its forex swap window.
At 11:38 am, the rupee was trading at Rs 61.38 compared with previous close of Rs 61.59 per dollar
All sectoral indices on the BSE were trading in positive terrain with BSE Consumer Durables being the top gainer up 2.1% followed by Bankex, Realty, Auto, OIl and Gas, FMCG and Consumer Durables indices.
Reliance Ind was up 1.3%, ITC gained 1.7% and Infosys rose 1.1% contributing the most to gains in the Sensex.
The Bank Nifty was trading at one-month high topping the 11,000 mark to 11,017. In the financial space HDFC, HDFC Bank, ICICI Bank up 1-1.5% each.
SBI was up nearly 1% on reports that the bank would get Rs 2,000 crore of capital infusion from the government.
Other Sensex gainers include, Tata Motors, Bharti Airtel and ONGC among others.
Among other shares, PI Industries has surged over 13% to Rs 188, also its record high on BSE, after reporting more than double net profit at Rs 55.29 crore for the second quarter ended September 30, 2013 (Q2) on back of strong operational income. The agrochemicals company had profit of Rs 25.83 crore for the corresponding period previous fiscal.
SKS Microfinance has surged 4.4% to Rs 162 on NSE after reporting a net profit of Rs 16.34 crore for the quarter ended September (Q2), its fourth consecutive quarter of profit, on back of higher operational and other income. The country’s only listed microlender had reported loss of Rs 262 crore in the same period last year.
Jet Airways (India) has dipped nearly 4% at Rs 334 in otherwise strong market after reporting a highest ever quarterly loss of Rs 891 crore for the quarter ended September 30, 2013 (Q2) due to higher fuel prices, a sluggish market, increased expenses, and a weak rupee. The company had loss of Rs 100 crore in the same period last year.
In the broader market the BSE Mid-cap was up 0.8% and Small-cap index gained 0.7%.
Market breadth was strong with 925 gainers and 354 losers on the BSE.
