Sensex extends gain; Reliance, SBI, cap goods, IT support

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The market was trading higher amid volatility, supported by technology, FMCG, capital goods, metals and realty stocks. Index heavyweights Reliance Industries and SBI too were quite supportive. However, Bharti extended fall afterdisappointing bottomline in Q3. The Sensex rose 104 points to 17,726.40 and the Nifty climbed 33 points to 5,367.90.

On the global front, Asian markets gained 0.4-1.5% on optimism that Greece deal may be happened today. Officials said government negotiations with lenders had done.

Back home, technology majors Infosys, TCS and Wipro climbed 1-2%. Index heavyweight Reliance Industries continued its uptrend, rising 2%.

Among banks and financials stocks, HDFC and SBI rose 1% each; HDFC Bank moved up just 0.6% while ICICI Bank was down 1.4% after a block deal. Temasek arm sold 1.59 crore shares of the bank at Rs 924/share.

Capital goods majors L&T and BHEL rose 1-2%. Metals stocks like Hindalco, Tata Steel, Sterlite, Coal India and Jindal Steel were up 1-2%.

Shares of DLF topped the buying list, rising 3%. However, ONGC fell over 1% ahead of third quarter numbers.

Bharti Airtel plunged 5% as bottomline numbers were hit by higher interest cost and tax rate in third quarter. Its net profit fell 1.5% to Rs 1,011 crore QoQ.

About 2.5 shares advanced for every share falling on the BSE.

At 9:15 hours IST : Sensex volatile; Bharti falls 3% post Q3 results

The Sensex gained more than 50 points in the early trade and turned choppy. Technology, FMCG, capital goods and index heavyweight Reliance Industries were supporting the market. However, Bharti, ICICI Bank, ONGC and Tata Group companies' shares were under pressure.

The Sensex rose 38 points to 17,660.34 and the Nifty gained 8 points to 5,342.90, supported by a bit of positive Asian cues. Asian markets gained 0.4-1.5%.

Frontliners like TCS, Infosys, HUL, ITC, NTPC, SAIL, Jindal Steel, JP Associates, BHEL, Reliance Power, DLF, Cairn India and IDFC were supporting the market. 

However, shares of India's largest telecom player Bharti tanked 3.5% after reporting less than expected numbers in Q3. Its consolidated net profit fell 1.5% to Rs 1011 crore QoQ and EBITDA margin declined at 32.2% versus 33.7% during the same period.

ICICI Bank fell 1.5% after 1.59 crore shares of the bank changed hands at Rs 924/share via block deal today.

M&M and Reliance Communications too were under pressure.

The CNX Midcap moved up 30 points to 7,385. The market breadth was 3:1 on the National Stock Exchange.

In the second line shares, Bank of Maharashtra shot up 9%. The company is looking to raise funds.

Dena Bank and Syndicate Bank too gained 2.5%. Karnataka Bank was up 1.5%.

JSW Holdings jumped 9% and SKS Microfinance jumped 4.5%.

Shree Renuka and Bajaj Hindusthan were up 3% after sources claimed that EGoM approved additional 1 million tonne of sugar exports.

EGoM cut basmati rice export floor price to USD 700/tonne yesterday. KRBL was up 4% and Kohinoor Foods rose 7%.

Results Reactions - JK Lakshmi Cement moved up 7% on buyback news. GMR Infra lost 2.5%. BILT was down 2.5% and Triveni Engg was down 1%. Manappuram Finance was up 3% and VIP Industries was up 2.5%.