Nifty inching towards 4,700, Auto accelerates

Markets continue to maintain the upbeat trend with the Sensex and the Nifty gaining by nearly 0.6% each. The upmove is supported by the index heavyweights like HDFC, SBI, ICICI Bank, L&T, Infosys and Reliance Industries.

By 1255 hrs, the Sensex was up 114 points at 15,657 and the Nifty has gained 35 points to 4,681.

Among financials stocks, HDFC and ICICI Bank are up between 1.44-2%. SBI and HDFC Bank have surged 1%. BSE Bankex has gained 1% to 9,296 levels.

Technology stock like Infosys has gained 1% to Rs 2,762. TCS and Wipro have gained 0.4-1%. BSE Technology index has moved up 1% to 5,772 levels. The rupee declined by 17 paise to Rs 53.24 per dollar in early trade on the Interbank Foreign Exchange today on the back of increased demand for the American currency from importers and strengthening of the dollar against the euro overseas.

Public sector undertakings (PSU) such as State Trading Corporation (STC), Hindustan Copper, Dredging Corporation and MMTC have rallied more than 10% each on the back of huge volumes.

According to media reports, the government is planning to borrow around Rs 50,000 crore using land and shares as collateral to bridge a budget deficit.

Index heavyweights Reliance Industries and ONGC are up 0.4% and 1%, respectively.

Largest commercial vehicle maker Tata Motors has topped the buying list, rising 2%. Hero Motocorp and Maruti have gained 1% each. BSE Auto index has gained 1% to 8,218 levels.

From the metal space, NMDC, Seas Goa and NALCO increased between 2-5%.

However, Jindal Steel, Bajaj Auto and DLF have dropped by nearly 1% each.

The BSE mid-cap and small-cap indices are trading marginally positive, both gaining by almost 0.3%.

From the midcaps segment, HMT, Network 18, , Polaris Tech and DB Realty have rallied 4-7% while Shree Global, KSK Energy Ventures, IFCI, Dewan Housing and Infotech Enterprises have fallen 2.5-5%.

In the smallcap space, STC India, Dredging Corp, Hanung Toys, Kiri Industries and Petron Engg have jumped 6-12%.

However, Sahara One, PG Electroplast, Essel Propack, Bedmutha Industries and PFL Infotech have dropped 5-8%.

The market breadth remained positive with 1,386 shares advanced while 995 shares declining.