At 14.39 PM, the 30-share BSE Sensex touched high point of the day rising 194.56 points or 1.02% at 19209.70, and the Nifty climbing 54.35 points or 0.94% at 5815.70.
Bulls have dug in their heels on the eve of Budget, with lot of hopes riding on Finance Minister P Chidambaram. Although the bloodbath in markets confirms that the last few sessions belonged to bears, the pullback today has once again ignited talks of a Budget rally. Experts say the turnaround is a result of short covering and not the magic of Economic Survey which pegged growth of Indian economy at 6.1-6.6 percent for FY14.
At 14.39 PM, the 30-share BSE Sensex touched high point of the day rising 194.56 points or 1.02% at 19209.70, and the Nifty climbing 54.35 points or 0.94% at 5815.70. The benchmarks were supported by Capital Goods, Telecom, Oil and Gas, Auto and Realty. Europe market too has opened mixed and appears stable. Specifically, Larsen, Bharti, ONGC, Mahindra and Mahindra, BHEL, DLF and JP Associates rose between 2.6 percent to 5.4 percent.
Interestingly, Cigarette major ITC was trading up 1.77% from its previous close which indicates traders are not too worried about any excise duty hike.
The midcap index too has been rising steadily in tandom with its largecap peers. Shares of Jet Airways climbed 17 percent to Rs 524.20 on media reports that its stake sale deal with Etihad may take off soon. According to CNBC-TV18 sources, Jet Air is learnt to have revised certain clauses like agreeing to give four seats to Etihad on its Board.
However, Core Education, Educomp, Kalindee Rail have continued their slide falling between 10 and 46 percent.
The 50-share NSE Nifty extended gains in afternoon trade, rising above 5800 level especially after announcement of Economic Survey for fiscal 2013-14. The index moved up 41.70 points to 5,803.05, helped by ICICI Bank, Reliance Industries and L&T.
At 12.55 PM, the Sensex was up 132.97 points or 0.70% at 19148.11, and the Nifty was up 34.80 points or 0.60% at 5796.15.
At 12.14 PM, the Sensex was up 88.28 points or 0.46% at 19103.42, and the Nifty moved up 19.50 points or 0.34% at 5780.85.
The sell-off in midcap shares intensified on Wednesday, with rumours swirling that the promoters of some of these companies could be teetering on the edge of bankruptcy.
Serious damages have begun to unfold in the broader markets, serving as a grim reminder to bloody Tuesday and threatening to spill over to largecaps. At 10.36 AM, the Sensex was down 2.61 points at 19012.53, and the Nifty fell 6.30 points to 5755.05.
At 09.17 AM, the Sensex was up 89.13 points at 19104.27, and the Nifty gained up 32.65 points at 5794.00. Top largecap gainers on the indices were Bhart, Sterlite, BHEL, Jindal Steel, HDFC, DLF, JP Associates and Sesa Goa.
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Dont see mkt going anywhere now; like Bharat Forge: Dipen