Indian markets extended gains amid strong global cues and Moody`s assigned stable outlook for India. Realty, banking and consumer durables were leading the sectoral space. BSE Midcap and Smallcap index underperformed the benchmark indices.
At 10.51 a.m., the Sensex was trading up 246.23 points or 1.33% at 18,783.24 with 30 components gaining. Meanwhile, the Nifty was trading higher by 70.40 points or 1.25% at 5,706.30 with 48 components gaining.
Moody's says that the India`s Baa3 sovereign rating is supported by credit strengths which include a large, diverse economy, strong GDP growth as well as savings, and investment rates that exceed emerging market averages.
Asian stocks gained after a European Union official said euro-area finance ministers reached agreements on Greece's debt burden and its funding gap, concluding more than 12 hours of talks.
The 30-share benchmark index, BSE Sensex opened with a gain of 79.54 points or 0.43% at 18,616.55, while the broad based NSE Nifty started with a rise of 22.60 points or 0.40%, at 5,658.50.
H D F C Bank contributed rise of 42.58 points in the Sensex. It was followed by Housing Development Finance Corporation (42.01 points), I T C (24.32 points), Infosys (18.87 points) and I C I C I Bank (15.81 points).
However, ACC contributed fall of 0.86 points in the Sensex. It was followed by Maruti Suzuki India (0.93 points), Reliance Communications (1.18 points), Tata Power Company (1.37 points) and Sun Pharmaceutical Industries (1.41 points).
All shares in the Sensex pack are trading in a positive note. Major gainers were Housing Development Finance Corporation (2.94%), H D F C Bank (2.82%), Jindal Steel & Power (2.15%), Bajaj Auto (1.70%), Sterlite Industries (India) (1.68%), and Oil & Natural Gas Corporation (1.46%).
Mid & Small-cap Space
The BSE Mid and small caps underperformed their larger counterparts gaining 0.91% and 0.72% respectively.
The major gainers in the BSE Midcap were Aban Offshore (1.31%), Alstom India (1.18%), Amara Raja Batteries (0.73%), Allahabad Bank (0.7%) and CORE Education and Technologies (0.36%).
The major gainers in the BSE Smallcap were Action Construction Equipment (2.86%), Trident (2.51%), A2Z Maintenance & Engineering Services (1.04%), Aanjaneya Lifecare (0.43%) and Adhunik Metaliks (0.32%).
Sectors in Limelight
The Realty index was at 1,917.22, up by 40.25 points or by 2.14%. The major gainers were D L F (2.3%), Indiabulls Real Estate (2.22%), D B Realty (1.86%), Anant Raj Industries (1.42%) and Godrej Properties (0.56%).
The Bankex index was at 13,340.43, up by 201.49 points or by 1.53%. The major gainers were H D F C Bank (2.82%), I C I C I Bank (1.12%), Canara Bank (0.57%), Bank Of Baroda (0.53%) and Bank Of India (0.46%).
The IPO index was at 1,855.03, up by 25.29 points or by 1.38%. The major gainers were C.Mahendra Exports (3.89%), Birla Pacific Medspa (2.78%), A2Z Maintenance & Engineering Services (1.04%), Acropetal Technologies (1.02%) and Aanjaneya Lifecare (0.43%).
The Capital Goods index was at 10,834.77, up by 130.10 points or by 1.22%. The major gainers were Alstom India (1.18%), Bharat Heavy Electricals (0.95%), BEML (0.79%), Crompton Greaves (0.69%) and A B B (0.53%).
Market breadth was positive with 1,472 advances against 738 declines.
Value and Volume Toppers
Federal Bank topped the value chart on the BSE with a turnover of Rs. 4,483.80 million. It was followed by Jet Airways (India) (Rs. 618.42 million), Coromandel International (Rs. 348.86 million) and United Spirits (Rs. 337.04 million).
The volume chart was led by Federal Bank with trades of over 9.73 million shares. It was followed by Spicejet (7.48 million), Cals Refineries (4.49 million) and Kingfisher Airlines (2.97 million).