Markets retain gains, IT spurts 1%

Markets continue to hold on to their gains with Sensex and Nifty inching towards 17000 mark and 5100 levels respectively. Indices turned upbeat after making a lower opening. Indices have made decent gains on renewed buying with Sensex and Nifty rising by nearly 1% each.  Markets have turned positive after making a weak opening. Indices have made decent gains on renewed Nifty rising by nearly 1% each.     

By 1120 hrs, the Sensex remained at 16,966 ascending by 161 points, and the broader Nifty index remained at 5,088 rising by 49 points.

The major gainers on the Sensex at this hour include Tata Power, JP Associates, DLF, Wipro, Hindalco Inds, Maruti Suzuki, Tata Motors, all gaining between 1-3%.

On the global front, the US markets closed mixed yesterday. The Dow Jones Industrial Average ended up 0.43% at 12150.13. Nasdaq Composite declined 0.23% at 2649.56. Standard & Poor's 500 gained 0.11% at 1258.47.

Meanwhile Asian markets are witnessing buying demand with Hang Seng and Nikkei gaining by 1% each.

Sectors like Technology, Auto, Metal and Banks are leading the upside, all surmounting by over 1% each. Apart from Consumer Durable, all the major BSE sectoral indices are trading in safe zone.

Amongst Technology pack, the main leaders are Financial Technologies, HCL Technologies, Infosys, Mphasis, TCS and Wipro, all spurting between 1-3%.

Amongst Auto, Bharat Forge, Cummins India, Exide Inds, Mahindra & Mahindra, Maruti Suzuki and Tata Motors have accelerated between 1-3%.

Meanwhile, Midcaps and Smallcaps maintain the positive movement with BSE Midcap index gaining 0.60% and Smallcap index rising 0.67%.

The news of Govt's move to suspend decision on FDI in retail until consensus, has affected the sentiments among the Retail counters with select stocks among Retail segment drifting down from their early highs. Shoppers Stop, Vishal Retail, Pantaloon Retail, TRENT, have slipped from their day's high on renewed selling pressure.

The market breadth remains healthy, with 1,477 shares advancing and 814 shares declining.