Markets pare gains

Just when momentum seemed to be making a comeback, the markets have retrenched into a shell. The Sensex has shed nearly 100 points from its intra-day highs and is now quoting at 16905, higher by 42 points or 0.2%, and the Nifty is at 5069, up three points.

M&M continues to be the leading gainer on the BSE, having strengthened by 2.7% at Rs 560. ONGC has added 2.7% at Rs 1161 and Cipla has gained 1.3% at Rs 324. Index heavyweight RIL is up 0.5% at Rs 1039.

On the losers side, DLF has weakened by 2.7% at Rs 272, while Jaiprakash Associates has shed 1.9% at Rs 124 and Hindalco has lost 1.7% at Rs 148.

The broader markets are doing somewhat better. The midcap index has added 0.3% at 6779 and the smallcap index has gained 0.3% at 8527. And the market breadth remains positive, with 1437 advancing stocks as against 1165 declines.

JM Financial is hogging the limelight in the midcap space. The stock has touched the upper circuit of 20% at Rs 38 on buzz that Mukesh Ambani is in talks to buy a majority stake in the financial company. Karnataka Bank has soared by 8.3% at Rs 163 and IVRCL Infrastructures has gained 7.6% at Rs 167. PSU firms such as STC, Dredging Corporation and National Fertilizer have added between 4% and 8% each.

And in the smallcap space, Nesco has soared by 13% at Rs 1287, while Cambridge Solutions has appreciated by 13% at Rs 66 and Gitanjali Gems has added 12% at Rs 108.