Broader markets outperform benchmarks; HDFC up 2%

The broader markets outperformed benchmark indices as investors switched focus to mid-cap and small-cap shares

The broader markets outperformed benchmark indices as investors booked profits in large-caps and switched focus to fundamentally sound mid-cap and small-cap shares.

At 1PM, the 30-share Sensex was up 78 points at 25,551 and the 50-share Nifty was up 12 points at 7,639.

The Indian rupee was trading lower at 59.32 compared to its previous close of 59.27 in the absence of any fresh domestic triggers.

Asian markets were trading lower tracking overnight losses on Wall Street while the rising tensions in Iraq also dampened sentiment. The Shanghai Composite was down 0.2%, Hang Seng slipped 0.3%, Nikkei was down 0.6%. However, Straits Times was trading with marginal gains.

BSE Realty Index was the top gainer among the sectoral indices was up 1.4% followed by Oil and Gas, Metal, Consumer Durables and Healthcare.

HDFC Bank and HDFC were up over 2% each contributing the most to the Sensex gains.

Oil shares which had corrected in the past few sessions rebounded on buying at lower levels. ONGC was up 1.6%.

Other Sensex gainers include, Sun Pharma, Hindalco, Tata Motors and ITC.

Private banking majors ICICI Bank and Axis Bank were among the top losers while Infosys retreated after sharp gains on Tuesday. The IT major was down 0.4%. Meanwhile, the board of Infosys has appointed former SAP executive Vishal Sikka as the CEO of the company.

Among other shares, KEC International has moved higher by 3% to Rs 127 after the company announced winning new orders of Rs 1,209 crore in its transmission and distribution and cable businesses.

In the broader market, the BSE Mid-cap index was up 0.7% and BSE Small-cap index was up 0.8%.

Market breadth was strong with 1,683 gainers and 1,188 losers on the BSE.