At 14:55 hours IST - the Nifty extended gains and has tested the 4,900 mark while the Sensex was inching towards the 16,500 level. Buying banking & financial, realty, metal, auto, power and oil & gas stocks was helping the markets to remain on the higher side for the fourth day in a row. About 0.5-1% rise in European markets and the US index futures was also supportive.

The market breadth was positive; about 994 shares advanced while 269 shares declined on the NSE. The BSE Midcap Index rose 1.5% and the Smallcap Index up 2%.

The Sensex surged 334 points to 16,492 and the Nifty was up 104 points at 4,900. The Nifty November future was trading with 4 points premium. 

Heavyweights like Reliance Industries, SBI, ICICI Bank, ITC, SAIL, HDFC Bank, HDFC and DLF gained 3-4.9%. Axis Bank shot up 7%. However, Bharti Airtel fell 3.7% and Reliance Communications was down over 2%. Idea Cellular lost 0.7%.

In the midcap space, Jai Corp locked at 20% upper circuit. Central Bank, Sobha Developer, Thomas Cook and Tech Mahindra were up 8.5-14% while Tata Teleservices, Educomp Solutions, Info Edge, Spice Communications and Gammon India fell 2-4%.

In the smallcap space, KPIT Cummins, Gulf Oil Corp, Orbit Corporation, Kalyani Steels and English India gained 10-15.5% while Gateway Distriparks, Kanani Industries, Vindhya Telelink, Banco Products and KPR Mill slipped 4-6%. 

Sources said ICICI Bank, Temasek and Metavante would sell stake in Firstsource, which jumped nearly 5%.

According to sources, Mahindra Satyam's BPO recorded profit in Q2 and saw QoQ growth of 8% in revenues. The stock was up 8%.

NMDC's divestment proposal is likely to go to cabinet on November 19, reports CNBC-TV18 quoting sources. The stock gained 7%.

L&T bagged Rs 1,635 crore order from MP power plant. The stock rose 1.2%.

Gateway Distriparks' arm Gateway Rail Freight will raise up to Rs 300 crore from Blackstone via CCPS, according to sources. The stock declined over 5%.

Sources said Citibank was going to sell internal tech operations, which valued between $30-50 million. HCL Tech, Quattro Solutions and Genpact are in talks with Citibank. HCL Tech gained just 1.6%.

Punj Lloyd entered into JV with Delta Solar for Solar Utility project.

Continued on the next page...