Market rally continues as high beta names gain

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 Market rally continues as high beta names gain
Indian markets rallied for the second successive day in a row with the benchmark indices closing at their highest levels since Jan 2011.

The Sensex ended the day higher by 34 points, while the Nifty gained 23 points in trade. Among the top gainers in trade from the Nifty were high beta names including Jaiprakash Associates, IDFC and Reliance Infra.

Other Nifty gainers were Cipla, Dr Reddy's and Reliance Industries. Stocks that dragged the Nifty lower were NMDC, ITC, Infosys and TCS. In fact, the entire technology pack was weak in trade today.

Shares of Adani Ports hit a 52-week high after the company reported a good increase in profits. Other stocks that hit a 52-week high were private sector banking names including HDFC Bank, IndusInd Bank and Yes Bank.

Shares of Manappuram Finance ended the day lower after the company reported a loss of Rs 141 crore compared to profit of Rs 187 crore, a year ago.

The PNB Gilts stock rose sharply after the company said it plans to consider a bonus issue on May 23.

Heavyweight, Reliance Industries also gained in trade today on value buying from institutional investors. The stock ended the day higher by more then 2 per cent.

The Mid Cap index also ended the day higher with smart buying in Ashok Leyland, HDIL, IFCI and Reliance Capital.

Meanwhile, markets in Europe were trading subdued with the German DAX marginally down, while the FTSE was trading higher. Asian markets ended the day mixed in trade today.

Read more about: sensex, nifty
Story first published: Thursday, May 16, 2013, 14:53 [IST]
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