Sensex higher, Mid & Smallcap outperforms; railway stocks surge

Moneycontrol Bureau12:59 pm Market Update: Benchmark indices maintained uptrend in afternoon trade while the broader markets extended gains.

The 30-share BSE Sensex was up 70.56 points at 26666.01 and the 50-share NSE Nifty rose 29.30 points to 8208.80.The BSE Midcap index gained 0.6 percent and Smallcap jumped over a percent on positive breadth. About 1760 shares advanced against 760 declining shares on the BSE.12:40 pm Deutsche on OMCs: In Indian oil & gas sector, Deutsche Bank has reiterated its preference for oil marketing companies over upstream (ONGC, Oil India) companies. It expects OMCs to benefit from robust refining margins, capacity expansions, higher fuel marketing margin and consumption growth.12:20 pm Union Budget: The Cabinet Committee on Parliamentary Affairs today recommended holding of the Budget Session from January 31 when the government is likely to table the Economy Survey followed by the Union Budget on February 1.

In a first, the government has decided to present the Budget on February 1 instead of the last day of the month as part of an overhaul that would also scrap the practice of a separate railway budget.

The first part of the Budget Session will run till February 9.Also read -Buy, sell, hold: 10 stocks that may make or break your portfolio12:00 pm Market Check

Equity benchmarks remained higher in noon trade with the Nifty holding 8200 level, supported by FMCG, banks and index heavyweight Reliance Industries shares.

The 30-share BSE Sensex was up 74.43 points at 26669.88 and the 50-share NSE Nifty gained 27.70 points at 8207.20. The broader markets extended gains with the BSE Midcap and Smallcap indices rising 0.7-1 percent on positive breadth.

More than two shares advanced for every share falling on the exchange.ITC, Reliance Industries, Axis Bank, ICICI Bank and L&T were top five contributors to Sensex's gains, up 0.5-2 percent while Infosys lost over a percent.

Railway stocks Titagarh Wagons, Texmaco Rail, Kalindee Rail, Kernex Microsystem and Stone India gained 3-5 percent.

Asian markets gained after a key indicator of China's private manufacturing showed robust gains in December. Mainland Chinese shares started the New Year on stronger footing, with the Shanghai composite up 1 percent. The Shanghai composite tumbled in 2016, to end the year down 12.3 percent, its worst year since 2011.