Markets extend gains in noon trade; IT leads

IT heavyweights like TCS, Infosys along with Reliance Industries, ITC and HDFC among the top Sensex movers

Markets edge higher in the noon trades on the back of strength in IT heavyweights like TCS, Infosys along with Reliance Industries, ITC and HDFC. At 1300 hrs, the Sensex was up 132 points at 19,615 and the Nifty gained 30 points to trade at 5,951.

In the broader markets, both the mid and smallcap indices, were up 0.3-0.5% underperforming the BSE benchmark index which gained over 0.6%.

In Asia, Japanese equities plunged to two-month lows on Friday, with the yen rising against the dollar as investors fretted over U.S. jobs data due later, while constant market agonizing about the Federal Reserve's stimulus plans drove Asian shares to fresh 2013 lows.

The Nikkei average shed as much as 2.8% and entered bear market territory earlier, having lost 20% from a 5-1/2 year high reached two weeks ago.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.8% to its lowest since late November, putting it on course for its worst week in more than a year with a 3.2% decline.

In Europe, all the major markets were flat. FTSE and CAC slipped 0.02-0.1% while the DAX was up 0.05%.

Erasing most of its early gains, the rupee was trading near yesterday’s close at 56.84. Earlier in the day, Rupee was up by six paise at 56.78 against the dollar in early trade today on fresh selling of the US currency by exporters on the back of its lower value overseas.

Back home, Consumer Durables index down 0.4% along with Bankex and PSU indices which were flat with a negative bias, were the only ones to trade in the red.

Meanwhile, IT, Teck, Health Care, FMCG and Oil & Gas were the major index gainers, up 0.5-2%.

TCS and Dr Reddys Lab up 3% each were the top Sensex gainers. Wipro,     Infosys, Hero MotoCorp, Tata Power, ITC, HDFC, HDFC Bank and Hindalco up 0.7-2% were the other notable gainers.

Among the ones in the red were Maruti Suzuki, Coal India, Cipla, NTPC, Bharti Airtel, Jindal Steel, Mahindra & Mahindra and ICICI Bank which slipped 0.3-1%.

The market breadth was positive on BSE. 1,140 stocks advanced while 958 stocks declined.