Markets edge higher in noon deals as heavyweights gains

Tata Motors, ONGC, TCS, ICICI Bank and Tata Steel among the top gainers

Markets edged higher in noon deals on the back of gains in heavyweight names like Tata Motors, ONGC, TCS, ICICI Bank and Tata Steel. At 1255 hrs, the Sensex was up 70 points at 19,300 and the Nifty gained 19 points to trade at 5,718.

In broader markets, the midcap index was up 0.5% and the smallcap index inched up by 0.3%, almost in line with the BSE benchmark index.

On the macro front, country's wholesale price index inflation spiked for the month of July raising uncertainty over policy action by the central bank to support growth. India's July WPI inflation was at 5.79%.  May WPI inflation revised to 4.58% from 4.70%.

Global Markets

In Asia, stocks fell after U.S. sales data reinforced expectations that the Federal Reserve will soon pare its stimulus. MSCI's broadest index of Asia-Pacific shares outside Japan was flat, while the Korea Composite Stock Price Index added 0.6% and the Shanghai Composite Index and was down 0.4%.

The Hong Kong stock exchange was closed on Wednesday due to Typhoon Utor.

Japan's benchmark Nikkei stock average erased losses and, in a late surge, gained 1.3% to a one-week closing high.

In Europe, DAX and FTSE were trading marginally in negative while CAC was up 0.2%.

Stocks & Sectors

Among sectoral indices, Power, FMCG and Capital Goods indices were down, 0.2-0.7%. Among the ones in the green, Auto, Consumer Durables and Metal indices were up 2.4-2.7% along with Oil & Gas, PSU and Realty indices up 1.2-2%.

Among the Sensex-30 stocks, BHEL down 3.4% was the top loser followed by Dr Reddys Lab, Hindustan Unilever, HDFC, Bharti Airtel and Jindal Steel down 1-2%.

Cipla, Wipro, ITC, L&T, Infosys and NTPC down 0.4-0.6% were the other prominent losers.

Among the gainers were Tata Motors which surged 7%, its highest level since June this year on BSE, after Jaguar Land Rover reported a strong 21% year-on-year jump in global sales of 31,611 units in July.

Other auto names like Bajaj Auto, Maruti Suzuki and Mahindra & Mahindra, too, edged higher by 0.5-2%.

Tata Steel, Hindalco and Sterlite up 2.7-4.7% were the top gainers in the metal space.

ONGC, Gail India and Reliance Industries, up 0.6-3.8% were the movers in the oil & Gas space.

The market breadth was positive. 1,133 stocks advanced while 930 stocks declined on the BSE.