Select mid-cap shares rebound, Suzlon jumps 17%

Markets slumped yesterday to end at three-month lows after the Union Budget 2013-14 failed to cheer investor sentiment after higher-than-expected borrowing programme and expenditure for 2013-14 raised worries over high inflation and growth.

The BSE Mid-cap index is performing in line with the benchmarks. The BSE mid-cap index has advanced 0.41% or 6,303 and the small-cap index is trading marginally higher, up 0.15% or 9 points at 6,216.

The advance decline ratio in mid space is positive as 149 stocks are advancing while 98 are declining.

Suzlon Energy is the top gainer from the mid-cap pack, up 17% to Rs 18.75 after hitting a new low yesterday on promoter's stake sale news. The stock tanked 44%.  

CORE Education & Technologies has zoomed over 11% at Rs 61. CORE Education & Technologies today said that some entities have invoked promoters' pledged shares on account of margin short fall and sold the same in the market. IFCI Financial Services was the biggest seller of the shares and sold 36,95,000 (approximately 3.69 million) shares, that was invoked on February 27, 2013.

United Spirits has rallied 6% to Rs 1,943 after Competition Commission of India (CCI) has approved UK major Diageo Plc's proposed majority stake purchase in the company.

Other notable gainers from the Midcap space include Indian Infotech and Software, Rallis India, Den Networks, Jain Irrigation Systems, Dewan Housing Finance Corporation, Pidilite Industries and Ashok Leyland, all surging between 3-9%.

On the losing side, Strides Arcolab is the top loser from Sensex pack, down nearly 6%. The company has entered into a definitive agreement for the sale of its specialties subsidiary, Agila Specialties Private Limited, to US-based Mylan Inc

Adani Enterprises is trading lower by 4.4% at Rs 207 ahead of its promoter’s stake sell plan via Offer for Sale (OFS) route on Monday.