Mid Market-Sensex at day's high as rupee, Asian cues support Analysis for May 28, 2012

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Driven by firm Asian market cues and a stronger rupee, the key domestic benchmarks extended gains to touch the day"s high in afternoon trade amid an improvement in investor sentiment. Most Asian markets rose on Monday as worries over Greece exiting the euro abated after the opinion polls conducted last weekend showed that the Greek public are likely to favour pro-bailout parties at next month"s elections.

At 12:19PM, BSE SENSEX was at 16,367.22, up by 149.4 points or by 0.92 per cent and the NSE Nifty was at 4,965.6, up by 45.2 points or by 0.92 per cent.

The BSE Sensex touched intraday high of 16,371.08 and intraday low of 16,273.49 The NSE Nifty touched intraday high of 4,966.15 and intraday low of 4,931.3.

Meanwhile, the BSE MIDCAP was at 5,953.69, up by 53.18 points or by 0.9 per cent, while the BSE SMLCAP was at 6,375.87, up by 57.54 points or by 0.91 per cent.

On the Sectoral front, Banking and Capital Goods gained 1.62 per cent and 1.49 per cent, respectively.

The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 3469, shares advanced were 1540 while 915 shares declined and 1014 were unchanged.

The top gainers of the BSE Sensex pack were Bharat Heavy Electricals Ltd. (Rs. 215.10,+3.21%), State Bank of India (Rs. 2065.50,+3.02%), Tata Power Company Ltd. (Rs. 91.30,+2.41%), Mahindra & Mahindra Ltd. (Rs. 653.50,+2.41%), ICICI Bank Ltd. (Rs. 832.40,+2.02%), among others.

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