Markets move sideways in noon trades
Reliance, Tata Group stocks surge
Markets continued to move sideways in the positive zone with buying interest seen in auto and metal shares. BSE Sensex is up 262 points at 18,841. Nifty is up 74 points at 5,723.
"The Nifty has topped 5,700 mark in trades on the first day of the new F&O series amid broad-based buying. What is your call on the benchmark index in the futures segment for Oct expiry," said Chetan Jain, Asst Manager, Derivatives Desk, (Retail Research), Anand Rathi.
The rupee rose to a near five-month high on Friday after the government stuck to its fiscal second half borrowing and said it will not borrow more via bonds in the current year.The rupee rose to a high of 52.55, a level not seen since May 1. It was trading at 52.70/71 in recent trades versus 53.01/02 last close.
Asian shares rose on Friday as Spain's economic reform plan eased worries about euro zone's finances, while the strength in oil prices also lent support. All Asian indices except for Nikkei was trading with gains.
BSE Auto index has jumped 2.2% at 10451. Metal, power, FMCG, oil & gas and realty indices are up 1-2% each.
Tata Group shares are leading gains with Tata Motors, Tata Steel, Tata Power and TCS surging 2-4% each. The group's holding company Tata Sons has invested Rs 220 crore in Infiniti on Wednesday, which will enable the company to buy out Woolworths Wholesale and expand the Croma business. TCS has also launched Firebird Plus, a new rapid implementation offering for Oracle Fusion Human Capital Management (HCM).
Auto shares were up on hopes that sales growth would pick in October ahead of the festive season. Maruti has gained 2% at Rs 1,354. M&M is up 1.5% followed by Bajaj Auto and Hero Motocorp.
Reliance and ITC are the key movers- accounting for a 55 points gain on the Sensex. Bharti Airtel gained 1.47% to Rs 265 after the company announced restructuring of its board of directors and that of its subsidiary Bharti Infratel.