Looking ahead

The markets have steadfastly held on to their gains in late-afternoon trades. While the stabilizing influence of the global bourses has not catalysed into a tearaway rally back home, the brittleness of the previous day and derivatives expiry day blues have not reared their heads either. The Sensex is now quoting at 17488, higher by 108 points and the Nifty is at 5249, up 34 points.

Tata Motors has strengthened by 3.1% to emerge as the leading gainer on the BSE. ICICI Bank has strengthened by 2.5% at Rs 942 and Tata Power has added 2.2% at Rs 1365. Sterlite, Maruti and Tata Steel are the other significant gainers. And index heavyweight is up 1.2% at Rs 1029.

On the other hand, the previous day's out-performers are out of favour. Sun Pharma has shed 2.2% at Rs 1585, Hindustan Unilever has weakened by 2.2% at Rs 237 and Grasim has lost 1.5% at Rs 2761.

The market breadth is strong, with the advancing stocks outnumbering the declines in the ratio of 2:1.