Markets build on gains

The benchmark indices have extended their gains in the past one hour. The opening in Europe came as a breadth of fresh air for our bourses, which were languishing in a state of limbo since opening bell. With the FTSE, DAX and CAC adding up to a per cent each, out markets began to take off and have not looked back since. The Sensex is now quoting at 17129, higher by 107 points and the Nifty is at 5138, up 27 points. The midcap index is up 0.3% at 6898 and the smallcap index is up 0.3% at 8656.

All the sectoral indices are now trading in the green. FMCG continues to occupy centre-stage and even the realty and metal pack have rebounded after occupying the bottom rung of the table through most of the session.

DLF has, in fact, displaced Hindustan Unilever as the leading gainer on the Sensex. The realty major is quoting at Rs 284, higher by 2.6%. SBI is quoting at Rs 2346, higher by 2.6% and HUL is at Rs 253, up 2.5%. And RCom, which was seeing some profit-booking this morning, has resumed its recent run and is now up another 2% at Rs 167.

And sugar stocks have spurted on hopes that the government may re-impose import duty on white sugar. Dhampur Sugar, Sakthi Sugar, Simbhaoli Sugars and Oudh Sugar Mills have gained more than 4% each, while Balrampur Chini, Bajaj Hindustan, Shree Renuka Sugars and Trivenni Engineering are up 2-4% each.

On the losers side, ONGC has extended its losses and is now down 1.7% at Rs 1189. Tata Power has shed 0.7% at Rs 1238 and HDFC Bank has lost 0.5% at Rs 1895.

The market breadth is healthy. Out of 2880 stocks traded on the BSE, there are 1491 advancing stocks as against 1273 declines.