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Markets remain positive, IT spurts

BSE IT, Realty, Auto and Power indices have gained by almost 1% each.

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Key share indices remain upbeat led by buying demand among Technology and Auto segments.

By 1250 hrs, the Bombay Stock Exchange’s 30-share was at 17,777 up 87 points and the National Stock Exchange’s 50-share S&P CNX gained 26 points at 5,392. The Sensex and the Nifty touched an intra-day high of 17,816 mark and 5,397 levels, respectively so far.

On the global front, Asian markets are trading on a mixed note. Nikkei, Hang Seng and Kospi have dipped between 0.2-0.3%. However, Strait Times, Taiwan and Shanghai Composite have gained between 0.1-1%.

Back home, the government has announced that the July CPI stands at 9.86% y-o-y. The country's annual consumer price inflation slowed slightly in July helped by a drop in petrol prices at the pump, government data showed on Tuesday, but a drought in parts of the country pushed food prices higher.

Meanwhile, the rupee rose by 24 paise to trade at 55.49 against the American currency in early trade today at the Interbank Foreign Exchange on continued dollar selling by exporters and some banks.

On the sectoral front, BSE IT, Realty, Auto and Power indices have gained by almost 1% each. However, Banks, Consumer Durable, Metal and Capital Goods are trading marginally lower.

From the IT space, Infosys has gained over 2% after a U.S court dismissed harassment charges filed by a U.S. employee, ending worries about a case that had recently pressured shares of the software service exporter. TCS and Wipro have gained by almost 1% each.

Among Auto segment, Tata Motors, M&M, Bajaj Auto and Maruti Suzuki have gained between 1-2%. Tata Motors has extended Friday's 2.12% gains triggered by the company reporting strong global sales in July 2012.

HDFC is the top Sensex gainer, up over 2%. Other notable gainers include Cipla, NTPC, GAIL India, Sterlite, HUL, BHEL and Sun Pharma.

On the losing side, Hindalco is the top Sensex loser, down nearly 3% on reports that the Odisha State Pollution Control Board (OPSCB) has asked the company to shut down the captive power plant (CCP) of smelter plant near Hirakud in western Odisha in the wake of a breach in the company's ash pond that damaged standing crops in the locality.

Other notable include Hero Moto, Tata Steel, HDFC Bank, Coal India, Dr Reddy’s Lab and L&T.

Among individual shares, Vadilal Industries was locked in 20% upper circuit at Rs 175, also its 52-week high on the Bombay Stock Exchange.

Glodyne Technoserve has locked lower circuit of 5% at Rs 102 on back of huge trading volumes.

Canara Bank is trading lower by 4% at Rs 345 on back of huge volumes.

Claris Lifesciences has surged 12% at Rs 244, extending its past three days rally on back of huge interest from foreign institutional investors (FIIs) in the counter on hopes of favorable USFDA decision.

The broader indices are trading marginally positive – BSE Midcap and Smallcap indices are up 0.02-0.4%.

The market breadth remains slightly positive with 1,312 advancing and 1,257 shares declining.

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