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The markets are trading flat in noon trades Monday. The Sensex is up 18 points at 18,854 and the Nifty is higher by 11 points at 5,694. The broader markets are however outperforming the benchmark indices.
The BSE mid-cap index has advanced 0.85% or 6,194 and the small-cap index is up 1.66% or 96 points at 5,901.
CORE Education & Technologies is the top Midcap gainer. The stock has jumped over 23% to Rs 63.
Coromandel International, HMT, Indiabulls Power, PC Jeweller, Mahanagar Telephone Nigam, Tata Teleservices (Maharashtra) and Welspun Corp are also buzzing in trades, up 5-8% each.
Shree Ganesh Jewellery House jumped 7% to Rs 96.25 after the company said it allotted 41.44 lakh equity shares to its promoters at Rs 150 each.
Aurobindo Pharma has surged 6% to Rs 154, extending its previous day’s over 12% rally after US Food and Drug Administration’s (USFDA) has lifted the import alert for non-sterile products manufactured in its UNIT-VI cephalosporin facility based in Hyderabad.
TRF has surged over 11% to Rs 159 in early morning deals on NSE after the company received Rs 360 crore orders from Nabinagar Power Generating Company Private Limited, a joint venture Company of NTPC and Bihar State Power (Holding) Company.
From the real estate pack, HDIL has surged 7.3% at Rs 49.65. The stock has managed to recover 12% from its all time low of Rs 43.65 which it touched on March 26, 2013. This was mainly due to the rating downgrade following a debt pile up and delay in its project. CARE downgraded two tranches of NCDs worth Rs 1,894 crore from 'BBB+' to 'D' grade and another worth Rs 200 crore from A3+ to 'D' grade. D means instruments that are in default or going to default soon.
On the losing side, Novartis India has dipped almost 7% to Rs 558, also its 52-week low on BSE, after the Supreme Court has denies cancer drug patent to the company.
The overall breadth of the BSE mid-cap index is healthy as 171 stocks are advancing while 78 are declining.
According to Gaurav Dua, Head of Research, Sharekhan, “Mid caps have been beaten down severely in the past few weeks and thus have bounced back sharply from the oversold levels. Mid caps with weak fundamental would not sustain the rally but the interest in quality mid cap names is reasonably high among smart clients”.
