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Benchmark indices continue to trade firm, in-line with their Asian peers and have extended their early gains led primarily by buying in select index heavyweights like ITC, ICICI Bank and Infosys along with a rebound in metal stocks.
At 12:59PM, the 30-share Sensex was up 215 points at 28,874 and the 50-share Nifty was up 58 points at 8,758.
In the broader market, both the BSE Midcap index and Smallcap index up over 1% each have performed better than the front-liners. Market breadth in BSE is positive with 1,569 advances against 1,028 declines.
Investors would keenly await data on industrial production for January and consumer price index for February scheduled to be announced today after market hours besides keeping a tab on development regarding coal and mines related Bills and insurance amendment bills sent by the government to the Rajya Sabha.
According to Moody's Analytics, a research arm of the Moody's group, IIP for the month of January is expected to grow at 2%, marginally higher than 1.7% in December. But according to a Reuters poll of 24 economists, industrial output is expected to slow down to 0.65%.
Meanwhile, foreign institutional investors were net sellers in equities to the tune of Rs 445 crore on Wednesday as per provisional stock exchange data.
Buzzing Stocks
All the sectoral indices of BSE are trading higher. BSE Power index, up over 1.7% is the top gainer followed by BSE Metal and BSE FMCG indices, up 1.5% and 1.2% each.
Select index heavyweights are trading higher in today' session. ITC has gained around 2.4% and Infosys has gained over 1%.
Among capital goods stocks, L&T has gained 0.6% and BHEL has gained around 2%. BHEL has achieved one more milestone by successfully_ commissioning another 270 MW coal based thermal power plant in Maharashtra.
SBI and ICICI Bank are up 0.8-1%. These banks have insurance subsidiaries are gaining on expectations that the insurance amendment Bill will be passed by the Rajya Sabha later today.
Responding to media reports which suggested that ICICI Bank is in talks to sell 5% stake in insurance unit-ICICI Prudential for around $300 million by March end, the bank has said that no such material development which would reporting under clause 36 of the listing agreement has taken place.
NTPC has gained around 4% after the company announced that it has fixed March 23, 2015, as the record date for bonus debentures.
Metal stocks have rebounded from yesterday's lows. Hindalco and Sesa Sterlite have gained over 3% each and Tata Steel has gained around 2.6%.
Pharma stocks are trading mixed. Sun Pharma is up 0.1% while Cipla and Dr Reddys Lab have gained around 0.4% and 0.9% each.
