The Indian benchmark indices continued trading range bound after rallying initially at the start on back of positive closing in US and European markets. Investors showed confidence across sectors like in IT, Teck and Capital Goods, despite of the fact that domestic fundamentals continue to be shaky. Telecom shares remained in focus, as they gained after getting temporary relief with the decision of India"s Telecom Disputes Settlement and Appellate Tribunal (TDSAT), which allowed the companies to continue the services undisrupted until next hearing on January 3, 2012. Experts opined that though the year seems to end with 'no-good" news, but new year is expected to do much on the weaker economic front.
Markets were hoping to see the Sensex crossing psychological 16-k mark today, expecting buying to keep coming in due to the forthcoming expiry of derivatives contracts on Thursday, for which traders were covering their short positions. The gains were mainly led by IT companies, and telecom companies, while energy major, RIL also contributed to the ceremony. Kicking-off the festive week with an impressive start, the barometer index of BSE, Sensex was trading around 200 points above the base line.
At 12:29PM BSE SENSEX was at 15930.98 up by 192.28 points or by 1.22 % and then NSE Nifty was at 4762.3 up by 48.3 points or by 1.02 %.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2545 , shares advanced were 1601 while 841 shares declined and 103 were unchanged.
The BSE MIDCAP was at 5225.85 up by 40.66 points or by 0.78 %. while the BSE SMLCAP was at 5673.96 up by 59.06 points or by 1.05 %.
The top gainers of the BSE Sensex pack were Bharti Airtel Ltd. (Rs. 341.90,+3.46%), Tata Steel Ltd. (Rs. 354.60,+2.12%), Hero MotoCorp Ltd. (Rs. 1889.00,+2.07%), Tata Consultancy Services Ltd. (Rs. 1178.55,+1.92%), Larsen & Toubro Ltd. (Rs. 1025.40,+1.66%), among others.
In BSE, BSETECk index was at 3387.19 up by 59.88 points or by 1.8%. Bharti Airtel Ltd. (Rs. 341.90,+3.46%), Deccan Chronicle Holdings Ltd. (Rs. 40.50,+3.45%), Tata Communications Ltd. (Rs. 213.80,+3.11%), Idea Cellular Ltd. (Rs. 80.80,+2.54%), Mahanagar Telephone Nigam Ltd. (Rs. 24.40,+2.09%),.
In BSE, BSE_IT index was at 5762.73 up by 86.75 points or by 1.53%. Tata Consultancy Services Ltd. (Rs. 1178.55,+1.92%), Infosys Ltd. (Rs. 2737.20,+1.57%), Financial Technologies (India) Ltd. (Rs. 554.50,+1.08%), MphasiS Ltd. (Rs. 309.50,+1.04%), Wipro Ltd. (Rs. 408.65,+0.83%).
Meanwhile other Asian markets were also trading firm following the positive closing in US and European markets. The mood of the markets was uplifted by the breaking of deadlock in the US Congress over the payroll tax cut for the time being. The US Congress has agreed to a two-month extension of the payroll tax cut and unemployment benefits. On the last trading day before Christmas, the sentiments of the market participants were further uplifted by the November durable goods sales which increased above the expectations. The European Markets ended in green on Friday as Christmas brought the traditional cheer to the sentiments of market participants. Nikkei 225 was up by 1.00%, Hang Sang was trading higher by 1.37% and Straits Times was up by 0.44% at 12:30 AM.