Markets remain positive, DLF top gainer

Markets continue to witness firm trades with the Sensex and the Nifty gaining by nearly 1% each. The gains are led by Technology, Realty and financial shares.

At 1300 hrs, the Sensex was up 116 points at 17,304 and the Nifty was up 33 points at 5,242. The Sensex had touched an intra-high of 17,359 and the Nifty touched an intra-day high of 5,262 so far.

On the global front, Asian shares rose on Monday as weaker-than-expected US growth data left open the possibility for more monetary stimulus from the Federal Reserve, but trading was subdued with Japanese and Chinese markets closed. Hang Seng, Taiwan and Kospi have gained between 0.3-1.5%. However, Strait Times and Shanghai are trading marginally lower.

Back home, BSE Technology index has gained by almost 2% followed by counters like Realty, Banks, PSU, Power, Oil & Gas and Metal, all gaining by nearly 1% each. However, sectors like Healthcare, Auto and FMCG are trading marginally lower.

BSE Technology index has advanced by almost 2% led by weaker rupee and possibility for more monetary stimulus from the Federal Reserve. TCS and Infosys have gained between 2-3%, Wipro is trading marginally higher.

Banking stocks like ICICI Bank and SBI have surged between 1-2%. HDFC bank and HDFC are trading marginally positive.

From the Realty pack, DLF is the top Sensex gainer, up over 3% to Rs 188.10 after Goldman Sachs upgraded its rating on the stock to "buy" from "neutral" and raised its 12-month target price to Rs 264 from R 252.

Other notable gainers include Hero Moto, Tata Power, ONGC, NTPC, Bharti Airtel, L&T, JSPL and Bajaj Auto.

On the losing side, Maruti Suzuki, BHEL, Sun Pharma and M&M have plunged between 1-2%.

Among other shares, Godrej Consumer Products has moved higher by 3% at Rs 542, its lifetime high, after reporting a strong 36% year-on-year (y-o-y) jump in consolidated net profit at Rs 193 crore, on back of strong growth in sales for the quarter ended March 2012.

Bank of India has surged 7% to Rs 360 after reporting a robust 93% year-on-year (y-o-y) growth in net profit at Rs 953 crore for the quarter ended March 2012, due to lower staff cost.

Steel Strips Wheels has moved higher by 7% to Rs 231 after the company said its promoters are subscribing to 4.69% equity shares of the company at a premium to the market price through a preferential issue.

BSE market breadth remains positive with 1,405 shares advancing and 1,091 shares declining.