Markets extend gains on bank, CG shares

TCS slips post Q4 numbers, Autos also weak

Markets continued to trade firm and have extended gains this afternoon. The Sensex has touched a high of 18,884. The index is now up 132 points at 18,863. Nifty meanwhile, is up 43 points at 5,741.

Broader markets were up marginally. Both mid and small-cap indices have added 0.3% each to 6,193 and 5,960, respectively.

"We are staying away from mid-cap & small-cap stocks. Auto & banking space being interest rate sensitive sectore and markets expectin rate cut in RBI’s fortcoming policy. These stocks should be bought at Dips," said Parag Doctor, Head- trading strategies, Keynote Capitals Ltd.

Meanwhile, India's exports during 2012-13 declined by 1.76% to $300.6 billion mainly on account of slowdown in the global economy, Commerce and Industry Minister Anand Sharma said here today.

The declining exports have also pushed up the trade deficit during the fiscal to $190.91 billion from $183.4 billion in the previous financial year, he said while addressing a press conference to announce the annual supplement to the Foreign Trade Policy (FPT).

Shares of metal companies are trading lower by up to 3% in noon deals after the Supreme Court (SC) today cancelled all the mining leases for extraction of iron ore in 49 category C mines in Bellary, Tumkur and Chitradurga districts of Karnataka.

Tata Consultancy Services (TCS) is trading lower by 0.7% at Rs 1,448 in noon deals after reporting 1.9% quarter-on-quarter growth in its consolidated net profit at Rs 3,597 crore for January-March quarter (Q4). Analysts, on an average, had expected profit of Rs 3,563 crore from the country's largest software exporter. Other IT shares - Wipro and Infosys were trading mixed. Wipro was the biggest loser on the Sensex - down 3% at Rs 364. Infosys, meanwhile added 0.6% at Rs 2,296.

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(Updated at 1145 hrs)


Markets continued to trade firm in late-morning deals, with the Sensex gaining 96 points at 18,827. Nifty added 31 points at 5,719.

"The market has bounced back from oversold position. Normally the short covering rallies are sharp like the one seen yesterday driven by the sudden decline in commodities, which is positive for the Indian macro conditions. If the commodity prices stay down the rally could have more legs. But we think that the hurdle of 5750-5800 would be difficult to cross and the markets would consolidate here in the near-term," said Gaurav Dua, head of research, Sharekhan.

Broader markets, however, underperformed the benchmark. BSE mid-cap index has added 0.4% at 6,196. Small-cap index has advanced 0.5% at 5,968.

Exports in FY12-13 stands at $300.60 bn, which is down 1.76 per cent from FY11-12, Commerce and Industry minister Anand Sharma said. Trade deficit for FY12-13 now is at $190.91 bn from $183.4 bn previous fiscal.

In Asia, Nikkei shed 1% at 13,262. Shanghai and Hang Seng have slippedmarginally as well.Japan's Nikkei share average retreated on Thursday morning as exporters lost ground on worries about global growth while Apple-linked shares came under pressure on concerns of slowing sales of the iPhone maker's products.

Capital goods has added 1.3% at 9338. Healthcare and FMCG indices were up as well. Oil & gas index is up 0.4% at 6,103. BSE metal index is down 0.7% 8,422. IT and auto shares were marginally in red.

The rupee today rose by 15 paise to 54.06 against the dollar in early trade on the Interbank Foreign Exchange as the US currency weakened against euro overseas amid a higher opening in the domestic equity market.

Hero Motocorp slipped 1.5% to Rs 1470. Jindal Steel, Wipro and Sterlite were also down. On the other hand, Bharti Airtel added 3% at Rs 295. Larsen & Toubro, HDFC and NTPC were also in red.

Tata Consultancy Services (TCS) is trading lower by 1.3% at Rs 1,440 in early morning deals after reporting 1.9% quarter-on-quarter growth in its consolidated net profit at Rs 3,597 crore for January-March quarter (Q4). Analysts, on an average, had expected profit of Rs 3,563 crore from the country's largest software exporter.