 "Markets sustain gains; Sensex up more than 100 pts")
The markets have held on to their gains in what has been a steady session of trade thus far, thanks to gains in the FMCG and oil and gas space. The Sensex is at 22,563, higher by 118 points and the Nifty is at 6731, up 32 points, with 21 among the 30 Sensex stocks counting among the gainers. The broader markets are also seeing buying interest, with the midcap index adding 48 points at 7396 and the smallcap index adding 47 points at 7545.
The benchmark indices had snapped a 5-day losing streak on Wednesday and have build on the gains from thereon in the ongoing trading session.
The index heavyweights are calling the shots in today's trades. ITC has gained for the second consecutive session, jumping by 1.5% at Rs 350 to lead the gainer's list on the BSE. In the oil and gas space, ONGC has gained 1.3% at Rs 340 and RIL has added 1.1% at Rs 955. Among other heavyweight counters, ICICI Bank has added 1.2% at Rs 1269 and Tata Steel has gained 1% at Rs 401.
However, the auto stocks are having a slightly rough ride this morning. Hero Moto Corp has shed 1% at Rs 2188 to top the losers list on the BSE, Bajaj Auto has lost 0.6% at Rs 1906 and Maruti has lost 0.2% at Rs 1895. The IT space is also looking weak, with TCS losing 0.4% at Rs 2203 and Infosys edging lower by 0.2% at Rs 3167.
And HDFC is trading flat at Rs 886 ahead of its Q4 results later in the day.
Stock-specific action
Piramal Enterprises ha soared by 5.4% at Rs 584 on the news that billionaire Ajay Piramal owned Piramal Enterprises will merge 3 of its subsidiaries with the parent company Piramal Enterprises Ltd. The Board of Directors of the company at its meeting held on May 05, 2014, has decided the merger of subsidiaries.
Canara Bank haas softened by 2.1% at Rs 297 after reporting a 15.7% decline in net profit to Rs 611 crore for the quarter ended March 31, compared with Rs 725 crore in the corresponding quarter of the previous financial year.
Asian Paints has edded lower by 0.2% at Rs 517 after it closed down its oldest plant at Bhandup in Mumbai and all employees of the unit have either taken voluntary retirement or shifted to its some other plants.
Piramal Enterprises has soared 6% to Rs 590 after the company said its board has recommended a dividend of 2625% or Rs 52.50 per equity share of face value of Rs 2/- for the financial year ended March 31, 2014.
Atul Limited has surged over 8% to Rs 705, extending its previous day’s 19% rally, after reporting an over two-fold jump in standalone net profit at Rs 51.56 crore for the quarter ended March 31, 2014 (Q4FY14), on back of higher sales. The Lalbhai Group agrochemicals firm had profit of Rs 21.44 crore in the same quarter year ago.
Eveready has weakened by 1.2% at Rs 52 despite posting a net profit of Rs 1.25 crore for the quarter ended March, 2014 compared to a net loss of Rs 2.15 crore during the corresponding period last year.
The market breadth is strong. Out of 1752 stocks traded on the BSE, there are 1029 advancing stocks against 650 declines.