Markets firm; Sun Pharma up 8%

Broader markets outperform with small and mid cap indices up 1% each

Gains in financials, Sun Pharma and Tata Motors helped the benchmark index remain firm with the Sensex up 76 points at 22,419 and the Nifty gained 21 points at 6,716 at 1030 hrs.

Broader markets advanced in the opening hour with the mid and smallcap indices gaining nearly 1% each, outperforming the BSE benchmark index.

Defensive pockets like IT and FMCG witnessed some selling, with the indices down 0.2-1%.

Health Care, Consumer Durables, Metal and Realty indices advanced 1-2% and were the top sectoral gainers.
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(Updated at 1035 hrs)
Markets opened higher for the day with the benchmark indices adding nearly half a percent each in the opening deals. The stocks leading the early gains were Tata Motors, Sun Pharma, SBI and L&T.

At 0920 hrs, the Sensex was up 70 points at 22,413 and the Nifty advanced 32 points to trade at 6,727.

Broader markets were no different with both the mid and smallcap indices gaining 0.3% each in the opening deals.

Sectors & Stocks

Barring Consumer Durables index down 0.5%, all the sectoral indices started in green.

Realty, Bankex and Auto indices up 0.6-0.8% were the top sectoral gainers.

Maruti Suzuki  down 1%, Reliance Industries, Dr Reddys Lab, BHEL and Cipla down 0.1-0.3% were the only names in red among Sensex-30.

Sun Pharma up 3% continues to remain the top gainer along with Bajaj Auto, Tata Motors, Hindalco and Tata Steel up 1% each.

Some of the other notable gainers were SBI, HDFC, ICICI Bank, Wipro, Tata Power, Gail India and Mahindra & Mahindra up 0.5-0.9%.

In individual names, Suzlon Energy gained 6% to Rs 14.75, extending its 24% rally in past two trading sessions, after the company announced that Senvion, a wholly owned German subsidiary, had tied up euro 850 million in loans.

The market breadth was positive on BSE. 489 stocks advanced while 172 stocks declined.

Global Markets

In Asia, shares rose in early trade on Wednesday after Wall Street reversed a three-day losing streak, but Japanese stocks dropped sharply after the yen surged on fading hopes of near-term stimulus from the Bank of Japan.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.9%, taking heart from a recovery in U.S. stocks overnight.

Japanese stocks, on the other hand, had a tough day on the back of the stronger yen which erodes exporters' competitiveness and their earnings when repatriated. The Nikkei dropped 1.8%.

Overnight, U.S. stocks rose on Tuesday, snapping a three-day losing streak as investors bought beaten-down social media and Internet shares.

The Dow Jones industrial average rose 0.06%, to end at 16,256. The S&P 500 gained 0.38%, to finish at 1,852. The Nasdaq Composite added 0.81%, to close at 4,113.