BSE Midcap, Smallcap indices up 1%; Sensex, Nifty steady

Written By Unknown on Rabu, 09 April 2014 | 14.02

The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices gaining over a percent.

12:25

Moneycontrol Bureau
Live Market Commentary Equity benchmarks are firm in noon trade with the Nifty holding the 6700 level supported by healthcare, banks and metals stocks.
 
The Sensex advanced 48.90 points to 22392.35 and the Nifty rose 15.20 points to 6710.25. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices gaining over a percent.

Advancing shares outnumbered declining ones by a ratio of 1340 to 691 on the BSE.

Sun Pharma is the top gainer as UBS upgraded the stock to buy with a target price of Rs 720 after the company said it would buy Ranbaxy Labs for USD 4 billion. The stock surged 6 percent.

Aluminium major Hindalco Industries climbed over 4 percent followed by Tata Steel and Sesa Sterlite with 1-2 percent.

Commercial vehicle maker Tata Motors jumped nearly 3 percent.

Among banking and financials, HDFC, ICICI Bank, SBI and Axis Bank gained 0.8-1.7 percent.

However, Infosys, TCS and ONGC fell over 1.5 percent.

11:00

The rupee is higher taking cues from a weak dollar, bunched-up inflows following Tuesday's holiday and positive equity market moves. Gilts, meanwhile, are under pressure as dealers take short positions after RBI says it will auction Rs 8000 crore of gilts on Friday.

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10:00

Sun Pharma topped the buying list, climbing 5 percent in addition to 3 percent rally in previous session after it decided to buy Ranbaxy for equity value of USD 4 billion.

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09:15

The Indian rupee opened higher by 13 paise at 59.98 per dollar versus 60.11 Monday.The dollar languished at three-week lows against a basket of major currencies, having broken decisively lower as the yen squeezed higher and even the euro gained a tailwind.

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