Sensex gains 1%, midcaps strong; ICICI, Hindalco up 3-4%

12:18

Moneycontrol Bureau The market maintains strong uptrend in noon trade despite some profit booking at higher levels. The Sensex climbed 267.52 points or 1 percent to 26977.65 and the Nifty jumped 78.05 points or 0.97 percent to 8107.85 while the BSE Midcap and Smallcap indices rallied 2-2.5 percent.

About 1864 shares have advanced while 545 shares declined on the Bombay Stock Exchange.

Market experts remain bullish despite the recent correct in the equity markets. Adrian Mowat of JPMorgan says he is not worried about a little bit of volatility in emerging markets. Nirmal Jain too is betting on India, saying 2015 can emerge as a good year for the market.

Gail, BHEL, Hindalco Industries, Tata Power, ICICI Bank and Jindal Steel topped the buying list, up 3-4.5 percent while Hero Motocorp, HDFC, HUL and Reliance Industries are only losers on Sensex.

In the broader space, Intellect Design Arena, the demerged BFSI focused product company from Polaris, listed on the stock exchanges today. The stock traded almost 5 percent higher after listing at Rs 69.25 per share.

Sentiment today is boosted by the Cabinet passing the Constitutional Amendment Bill on Goods and Services Tax on Wednesday. The GST bill is likely to be tabled in the ongoing winter session now. Likely beneficiaries include companies from the logistics sector such as Gati and Snowman Logistics. Kotak said organised companies in unorganised sectors will also benefit, which are Exide Industries, Amara Raja, Pidilite, Marico amongst others.

Globally, Asian equities are mostly higher on US Fed's decision to be patient in raising interest rates. Brent crude jumped above USD 61 per barrel.

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