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The September F&O series was the best so far in 2013, where the Nifty rallied 9%. However, the October F&O series have started on a flat note with key indices trading in a tight range amid volatility.
By 1200 hrs, the Sensex was down 69 points at 19,826 and the Nifty is 15 points down at 5,867.
The broader markets are however, out-performing the benchmark indices in noon deals today. The BSE Mid-cap index has gained 0.49% at 5,655 and the small-cap index is up 0.70% at 5,518.
The overall breadth of the BSE mid-cap index is positive as 132 stocks are advancing while 87 are declining.
Among key midcap gainers, Bharat Petroleum Corporation Limited (BPCL) has surged nearly 8% to Rs 333 on BSE reports that a drilling campaign off Brazil's northeastern coast showed that an area control by the consortium of IBV Brazil likely hold more than a billion barrels of oil.
Petroleo Brasileiro SA, as Brazil's state-run oil company is formally known, and IBV Brazil, a 50-50 joint venture between BPCL and Videocon Industries, have determined the SEAL-11 exploration block contains very large amounts of high-quality light crude oil and natural gas, the Reuters report suggests.
Videocon Industries is trading higher by 3% at Rs 175 on BSE.
“One can go long on BPCL from this space, have a stop loss at 325 for targets of 345 – 350”, suggests Mohit Gaba, Independent technical analyst & trader
Shares of shipping companies are continue their upward march and rallied up to 14% second day in a row after the Baltic Dry Index touched its highest level since December 23, 2011 on Wednesday.
ABG Shipyard, Bharati Shipyard, Shipping Corporation of India (SCI), Mercator, Great Eastern Shipping Company and Varun Shipping Company are up 3-18% on the Bombay Stock Exchange (BSE).
Other notable Midcap gainers are MRF, Bata India, Sobha Developers, Aurobindo Pharma, Kansai Nerolac and Lance Infra.
According to A K Prabhakar, senior vice-president (retail research), Anand Rathi Financial Services, “Midcap is very attractive for long term investor if invested in good growth stocks. CNX Midcap is trading at 1.37 times book, 9.2 times 2014 earnings.
We like stocks like MRF, Bata India, Havells, Rallis India, Bajaj Corp, SUN TV, Madras Cements, Cummins, Apollo Hospitals and Pidilite”.
