Markets consolidating gains

Markets slipped marginally from the high levels of the day but continued to trade on a strong note. The Sensex was at 17,672, higher by 165 points and the Nifty had gained 45 points at 5303.

Meanwhile, the European markets have also opened on a strong note. The FTSE opned higher by 0.8% at 5741, DAX opened at 7203, up 0.7% and the French CAC 40 index has opened higher by 0.8% at 3830.

Back home, the BSE Realty index which was trading in the red recovered from the low levels and was trading marginally higher.
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(updated at 12.30 PM)

Markets continued to trade on a strong note in the noon deals on back of buying visible across the sectors. The Sensex has gained 187 points or 1% at 17,694 and the Nifty is trading higher by 56 points at 5314.

According to Ranak Merchant, Technical Analyst with Sushil Financial Services, February lows still remain an important support point. Only if we manage to hold the same, we can expect a consolidation to unfold and the next move thereafter. From current levels 5350-5370 would act as the first resistance point."

On the Sensex 24 stocks were advancing while 6 were declining. Hindalco is the top gainer among the Sensex stocks, up 2.5% at Rs 172. TCS, is trading at Rs 1093, up 2.2%. Hero Honda, Reliance Industries, HDFC, Bharti Airtel, ONGC, Reliance Communication and HDFC Bank were also trading higher by 1.6-2.2% each.

On the other hand J P Associates, Wipro, BHEL, Cipla, DLF and Tata Power were the notable gainers on the Sensex.

Most of the sectoral indices were also trading higher barring the realty index. Bankex was the top sectoral gainer, up 1.35% or 162 points at 12,131. Oil & Gas index also advanced 1.35% or 117 points at 8485. Metal, Teck, Healthcare, FMCG, IT, Auto and PSU indices also gained 0.5-1% each. Meanwhile, the BSE realty index was down 0.31% at 2010.

Axis Bank was the top gainer among the banking stocks. The stock gained 2.4% to Rs 1253 in trades today.
It was followed by Federal Bank, Bank of India, Canara Bank, Indusind Bank, Kotak Mahindra Bank, HDFC Bank and IDBI Bank were also among the top gainers. Among the oil & gas stocks Reliance Industries was the top gainer, up 2% to Rs 851. GAIL, ONGC, Petronet LNG, IOCL and Cairn India also added 0.4-1.85% each.

The broader markets were also trading higher. The mid-cap index climbed 0.75% to 6647 and small-cap index advanced 0.6% to 7954.

The overall market breadth was positive as 1451 stocks were advancing while 1062 were declining.