Sensex above 17000 as Asia extends rally, Bharti up 4%

At 13.06 hrs IST, further buying in heavyweights helped the Sensex to come back above the 17,000 mark and the Nifty above 5,050 level. Better-than-expected Q2 GDP (gross domestice product) numbers strengthened the markets. On the global front, Asian markets also extended rally; Shanghai, Nikkei and Hang Seng shot up 3-3.5%. Kospi, Jakarta and Taiwan Weighted went up 1-2%. However, Straits Times fell 1.7%.

India's GDP grew at 7.9% in the second quarter as compared to 6.1% quarter-on-quarter and 7.7% year-on-year. For the first-half of the year, GDP growth stood at 7% as against 7.8% YoY.

The Sensex was up 385.18 points or 2.32% at 17017.19, and the Nifty was up 120.90 points or 2.45% at 5062.65. About 2134 shares have advanced, 739 shares declined, and 560 shares were unchanged.

According to sources, Indiabulls Power's 1320 MW Amravati Project achieved financial closure. The stock was up 0.8% and its holding company Indiabulls Real gained 4%.

Glenmark Pharma expects to list Glenmark Generics by FY10-end. The company is in talks with 2 companies for potential R&D deal and expects 1 R&D deal to materialise by year-end. However, the stock was down nearly 3%, as MSCI removed the stock from India Index.

Top gainers on the BSE Midcap: Thomas Cook, GMDC, AIA Engineering, IBN18 Broadcast and Mcleod Russel were up 6-12%.

Top losers on the BSE Midcap: Shriram City, Glenmark, Emami, Apollo Hospital and Carborundum were down 1-4%.

Top gainers on the BSE Smallcap: Cambridge Solution, Resurgere Mines, Mahindra Forging, VIP Industries and Shrenuj and Co were up 10-18%.

Top losers on the BSE Smallcap: PVP Ventures, Advani Hotels, Jindal Worldwide, Orissa Sponge and EIH Associated Hotel were down 2-3%.

Continued on the next page...