Sensex up 79 pts, mid-cap stocks rally

The Sensex has shed some gains due to profit-taking in select old economy stocks. Althoug selling pressure continues in tech majors, banking scrips and mid-cap stocks have rallied sharply.

The Sensex is still above the crucial 7,500-mark at 7,502 - up 79 points. The Nifty is steady at 2,292 - up 26 points.

SBI has perked up 3% (Rs 21) to Rs 743. ICICI Bank (up Rs 35 or 7.78% to Rs 490) and HDFC Bank (up Rs 25 or 3.91% to Rs 674) have pared gains due to profit-taking.

NTPC has surged 4.21% (Rs 4) to Rs 96. While HLL has extended its gains by 2.32% (Rs 4) to Rs 165, ONGC has moved up 2.79% (Rs 26) to Rs 961. ITC is still unchanged with a per cent gain (Rs 16) at Rs 1,660. Reliance, however, is marginally down at Rs 688.

Satyam has dropped 1.93% (Rs 10) to Rs 522, while TCS has lost a per cent (Rs 10) to Rs 1,284.

Grasim has gained 1.25% (Rs 14) to Rs 1,171, while Gujarat Ambuja has logged 2.88% gains to Rs 64.

Hero Honda has shed 1.70% (Rs 10) to Rs 606. Other auto majors are trading with steady gains.

BSE Midcap stocks have flared up. Pantaloon Retail has shot up 9.34% (Rs 130) to Rs 1,523. While Emami has surged 9% (Rs 7) to Rs 85, IndiaBulls has jumped 6.44% (Rs 14) to Rs 228. PTC, Crompton Greaves, Bajaj Hindustan and Birla Corp have gained between 4-5%.

Select banking scrips, too, have reported strong gains. Indian Overseas Bank has soared 8.12% (Rs 7) to Rs 89. While PNB has added 4.31% (Rs 18) to Rs 428, UTI Bank is up 2.25% (Rs 6) at Rs 255. BoI, OBC, Union Bank of India and Kotak Bank are up in a range of 1-2%.