Mid-Market—Sensex, Nifty extend gains despite weak GDP, PMI data Analysis for Sep 02, 2013

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Indian markets were seen extending the gains during the mid-session despite all weaker-than-expected GDP data and contraction in manufacturing PMI, signalling that all the negative factors have already been priced in by the markets. The 30-share benchmark index Sensex was up nearly 250 points, helped by heavyweight stocks like RIL, ITC, HDFC, ICICI Bank, TCS, HUL, among others. FMCG, Metal, Realty, and Oil & gas stocks were among the biggest gainers in market today while Auto stocks were a mixed bag amidst sales numbers releasing today. Some recovery in rupee after initial losses also supported sentiments in the D-Street.

At 12:22PM BSE SENSEX was at 18872.1 up by 252.38 points or by 1.36 per cent while NSE Nifty was at 5527.55 up by 55.75 points or by 1.02 per cent.

The BSE MIDCAP was at 5365.35 up by 64.95 points or by 1.23 per cent, while the BSE SMLCAP was at 5243.54 up by 52.29 points or by 1.01 per cent.

The top gainers of the BSE Sensex pack were Tata Steel Ltd. (Rs. 284.80,+3.85%), ITC Ltd. (Rs. 319.00,+3.62%), Jindal Steel & Power Ltd. (Rs. 229.40,+3.38%), ICICI Bank Ltd. (Rs. 826.60,+2.77%), Reliance Industries Ltd. (Rs. 874.15,+2.65%), among others.

The top losers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 760.35,-2.64%), Tata Power Company Ltd. (Rs. 74.70,-1.45%), HDFC Bank Ltd. (Rs. 590.90,-0.49%), NTPC Ltd. (Rs. 130.15,-0.46%), Dr. Reddy's Laboratories Ltd. (Rs. 2284.05,-0.40%), among others.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2064, shares advanced were 1246 while 710 shares declined and 108 were unchanged.

In BSE, BSE_FMCG index was at 6533.53 up by 191.23 points or by 3.02%. United Breweries Ltd. (Rs. 777.20,+8.63%), ITC Ltd. (Rs. 319.00,+3.62%), United Spirits Ltd. (Rs. 2273.80,+3.38%), Tata Global Beverages Ltd. (Rs. 143.10,+2.95%), Colgate-Palmolive (India) Ltd. (Rs. 1238.00,+2.50%),.

In BSE, BSE Metal index was at 7989.42 up by 204.53 points or by 2.63%. Tata Steel Ltd. (Rs. 284.80,+3.85%), JSW Steel Ltd. (Rs. 560.30,+3.55%), Jindal Steel & Power Ltd. (Rs. 229.40,+3.38%), Steel Authority of India (SAIL) Ltd. (Rs. 47.25,+2.49%), NMDC Ltd. (Rs. 121.85,+2.48%),.

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Story first published: Monday, September 2, 2013, 12:36 [IST]
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