Sensex up 140 pts, IT, FMCG gain

Markets are glued to gains in noon deals. The Sensex is up 140 points at 16,945 and the Nifty has advanced 44 points to 5,083. The markets had opened on a flat note, but soon gained ground on the back of buying in IT, FMCG and auto stocks.

According to Somil Mehta, senior technical research analyst (Strategies), Sharekhan, "The short-term bias has turned negative and the possibility of Nifty topping 5,200 is very low. The resistances are at 5,120 and 5,230 and supports are at 5,000 and 4,900."

J P Associates is the top gainer among the Sensex stocks, up 2.3% to Rs 70. Hindalco has jumped 2.2% to Rs 139. Tata Power, Wipro, Infosys, SBI, Sterlite Industries, Tata Steel, ONGC, ITC and HDFC are also trading higher by 1-2% each.

On the other hand, Coal India, Bharti Airtel, NTPC, Cipla, Sun Pharma and ICICI Bank are among the notable losers.

Among individual stocks, UltraTech Cement is trading higher by 3% at Rs 1,221, extending its 4% gain in the past three trading sessions, after reporting 16% year-on-year growth in dispatches to 3.09 million for November 2011.

Parenteral Drugs (India) has zoomed 17% to Rs 129, extending its 44% rally of the past two trading sessions, on the back of huge volumes.

Future Capital Holdings has rallied 9% to Rs 147 on reports that its promoter, Pantaloon Retail, will sell its stake in the company to Deccan Chronicle Holdings for Rs 600-700 crore.

IT stocks are on the buzzer today. BSE IT index is the top gainer on the sectoral front, up 1.3% or 77 points at 5,803. FMCG index has also jumped 47 points to 4,130. Auto, Oil & Gas, Bankex, Metal and Realty indices have also added 0.5-1.2% each.

At the same time, BSE Healthcare, Consumer Durables and PSU indices are trading in the red.

HCL Tech is the top gainer from the IT space, up 3% to Rs 420. Financial Technologies, Mphasis and TCS have also advanced in trades thus far. From the FMCG sector, United Spirits is the top gainer, up 2.2% at Rs 739. It is followed by United Breweries, Colgate Palmolive, ITC, Dabur India and Hindustan Unilever.

The broader markets are trading on a flat note. BSE mid-cap and small-cap indices have 0.4% each in intra-day deals thus far.

The overall market breadth is positive as 1,403 stocks are advancing while 1,126 are declining.