Markets end flat

Reliance jumps while Bharti lags

The Sensex ends (provisonal) at 17599 - down two points. Nifty ends up one point at 5,338.
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(Updated at 1436 hrs)

Markets have extended gains in afternoon trades on the back of buying strength in heavyweight stocks. The Sensex touched a high of 17,726 and is now up 87 points at 17,689. Nifty is up 22 points at 5,359.

In Asia, markets ended flat ahead of key economic data. Hang Seng dropped seven points at 20,065. Shanghai Composite was flat at 2,160. Japan's Nikkei, however, added 77 points to 8,881.

BSE auto index has gained 1.9% to 9,505. Metal index moved up 1.7% to 10,540, mirroring cues from global metal prices. PSU, Oil & gas and power indices have moved up 0.8% each.

Reliance has jumped 2% to Rs 799, its highest level since March 15, 2012, after the oil ministry agreed to conditionally approve the capital expenditure plan of over $1 billion for KG-D6 gas block. The stock outperformed the market by gaining 8% in past three trading days on the BSE as compared to 2.8% rise in the benchmark Sensex.

Mahindra & Mahindra jumped 4% to Rs 724 while Tata Motors from the same sector added 2.5% to Rs 245. Metal shares Hindalco, Jindal Steel and Sterlite advanced 2-3% each. AMong other gainers were Hindustan Unilever, Infosys and NTPC.

However, Bharti Airtel shed 2.5% tO Rs 284. The telecom major reported its 10th straight quarter of profit decline as competition squeezed margins despite gaining subscriber market share from some of its smaller rivals.

IDFC says at first impression Bharti Airtel's headline numbers are weak with domestic volume growth of just 3.9 percent while pricing fell 2.6 percent, sequentially.

ONGC, Gail and TCS were down 1% each. ICICI Bank is down 1% at Rs 964.

UltraTech Cement was trading flat at Rs 1,640. Earlier in the day it touched a new high of Rs 1,652 on reports that one of its promoters, Umang Commercial Company, has sold 1.37 lakh shares in the firm for Rs 22.42 crore.

Promoters of EIH Limited, which runs the Oberoi and Trident chain of hotels, are likely to increase their stake in the company to more than 40 per cent. The stock is up 0.5% at Rs 82.95.

Coal India has agreed to a hefty penalty of up to 40 per cent if it fails to supply the committed quantity of the fuel to power firms. CIL is trading higher by 0.4% at Rs 346.

BSE market breadth turned negative in afternoon trades. Out of 2,832 shares traded, 1,439 shares have declined while 1,266 shares have advanced.