Sensex, Nifty marginally up; Midcap, Smallcap outperform

12:21

Moneycontrol Bureau Equity benchmarks continued to trade higher with marginal gains while the broader markets outperformed. The Sensex advanced 45.02 points to 27448.56 and the Nifty rose 17.25 points to 8265.50.

The BSE Midcap and Smallcap indices gained 0.8 percent each. About 1443 shares have advanced, 977 shares declined, and 109 shares are unchanged on the Bombay Stock Exchange.

The rupee inched higher on global unwinding of dollar longs, up 8 paise to 63.30 a dollar. Indian traders too sold long dollar positions ahead of January quarter which is usually strong for the rupee.

State-run power equipment maker BHEL and drug maker Dr Reddy's Labs topped the buying list on Sensex, up 2 percent each followed by ICICI Bank, Reliance Industries, Axis Bank, Infosys, SBI, ITC, NTPC and ONGC with 0.2-1 percent gains.

Telecom stocks were in focus as Telecom Regulatory Authority of India released recommendations on reserve price and valuation for 2100 megahertz. Reserve price pan-India kept at Rs 2720 crore. Analysts say overall, reserve price is on the higher side and only serious players are expected to bid. Bharti Airtel gained nearly a percent.

Auto stocks were sluggish reacting to the likelihood of the government withdrawing excise duty concessions to the auto industry from January 1. Maruti told CNBC-TV18 that the company has not received any communication from the government as yet but do not expect long term negative impact on car demand. Mahindra & Mahindra fell 1.6 percent. Bajaj Auto and Maruti Suzuki declined over half a percent while Tata Motors and Hero Motocorp rebounded, up over 0.4 percent.

Globally, China led gains, up 2 percent in thin trade despite data showing slight contraction in manufacturing activity.

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