Mid-Session: Sensex stays on firm footing; broader market outperform Analysis for Mar 12, 2015

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Tracking firm cues from Asian peers, the key Indian benchmarks continued their uptrend in afternoon session of the day"s trade with power and metal stocks leading the rally. The market seemed to be in upbeat mood ahead of the consumer price inflation and industrial output data due later in the day, supported by gains in the index heavyweights such as State Bank of India, ICICI Bank, Housing Development Finance Corp, Tata Motors, BHEL, NTPC and Tata Steel. Further the sentiments got a lift after International Monetary Fund (IMF) raised India"s growth outlook for the current fiscal to 7.2 per cent.

At 12:25 PM BSE SENSEX was at 28841.39 up by 182.22 points or by 0.64 per cent and the NSE Nifty was at 8745.65 up by 45.7 points or by 0.53 per cent.

The BSE MIDCAP was at 10918.36 up by 102.03 points or by 0.94 per cent, while the BSE SMLCAP was at 11398.72 up by 114.94 points or by 1.02 per cent.

During the day"s trade, the BSE Sensex touched an intraday high of 28912.96 and intraday low of 28772.71, while the NSE Nifty touched intraday high of 8773.6 and intraday low of 8732.90.

Further, investors are eying data on industrial production for January and consumer price index for February scheduled to be announced today besides keeping a tab on development regarding coal and mines related Bills and insurance amendment bills sent by the government to the Rajya Sabha.

The top gainers of the BSE Sensex pack were NTPC Ltd. (Rs. 159.35,+3.44%), Sesa Sterlite Ltd. (Rs. 199.15,+3.19%), Tata Steel Ltd. (Rs. 334.75,+2.73%), Hindalco Industries Ltd. (Rs. 133.90,+2.64%), ITC Ltd. (Rs. 347.20,+2.63%), among others.

On the flip side, Hindustan Unilever Ltd. (Rs. 957.25,-1.26%), Bajaj Auto Ltd. (Rs. 2075.00,-1.14%), Dr. Reddy's Laboratories Ltd. (Rs. 3435.40,-1.02%), Wipro Ltd. (Rs. 647.80,-0.99%), Mahindra & Mahindra Ltd. (Rs. 1250.20,-0.58%), were among top losers.

Among the thirteen sectoral indices, BSE power index was top gainer and was trading at 2254.42 up by 46.69 points or by 2.11 per cent. NTPC Ltd. (Rs. 162.40,+5.42%), Suzlon Energy Ltd. (Rs. 26.20,+2.95%), Alstom T&D India Ltd. (Rs. 591.00,+2.62%), Reliance Infrastructure Ltd. (Rs. 470.85,+2.60%), Bharat Heavy Electricals Ltd. (Rs. 263.60,+2.31%), were among top gainers.

Following the power index, BSE Metal index was at 9819.22 up by 121.61 points or by 1.25%. JSW Steel Ltd. (Rs. 957.85,+2.96%), Tata Steel Ltd. (Rs. 334.80,+2.75%), Steel Authority of India (SAIL) Ltd. (Rs. 67.75,+2.50%), Jindal Steel & Power Ltd. (Rs. 195.25,+2.49%), Sesa Sterlite Ltd. (Rs. 197.00,+2.07%, were among gainers.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2744, shares advanced were 1579 while 1052 shares declined and 113 were unchanged.

Story first published: Thursday, March 12, 2015, 12:48 [IST]
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