Markets trade firm

Broader markets outperform

Key benchmark indices trade firm as Asian markets contiue to remain strong. The Sensex was up 143 points and the Nifty gained 46 points at 5,114.

In the broader markets, the midcap and the smallcap indices added 1% each outperforming the Sensex which was up 0.8%.

The Asian markets were all trading higher after euro zone finance ministers agreed to lend Spain up to $125 billion to shore up its struggling banks, relieving markets that had feared a fiscal collapse in the country. Japan's Nikkei average and Hang Seng added 2% each.

Back home, among the sectoral indices except Health care index, down 0.2% all the other indices were in the green. The ones leading the gains were Consumer Durables, Realty, Power, Metal, Bankex and Auto index up 1-2%.

Among Consumer Durables, Videocon Industries up 8% was the top mover on reports that Texas-based Anadarko Petroleum, the operator of the Rovuma Offshore Area 1 in southern Africa, is expected to shortly announce a significant upgrade in estimated reserves in the basin. Videocon holds 10% each in six blocks in the deep-water Rovuma Basin, off the Mozambique coast through their wholly owned subsidiaries.

Bajaj Electricals and VIP up 4-5 were the other top major gainers in the Consumer Durables space.

The top gainers among the Sensex stocks were Sterlite, Tata Power, Bajaj Auto, ICICI Bank and Coal India up 2-4%

Cipla down 0.5% and ONGC down 0.3% were the only losers among the Sensex-30.

Among other stocks, Nippo Batteries zoomed 17% to Rs 515, extending its Friday’s 19% rally, after Japanese promoter Panasonic Corporation has sold its entire stake in the company to the Indian promoter via block deal.

Indraprastha Gas Limited saw an uptick of 5% to Rs 236 after the company said HDFC Standard Life Insurance has acquired more than 1% stake through open market transaction on June 1, a day when the stock rallied over 28%, post Delhi High Court order in favour of the company.

The market breadth was positive. 1558 stocks advanced while 674 stocks declined on the BSE.