Sensex rises; Tata Motors, Sterlite top buy list

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The Sensex continued to trade higher with around half percent gains, supported by oil & gas, metals and technology stocks. However, the fall in banks, realty, FMCG and auto (two-wheeler) stocks capped the upside to major extent. The Sensex moved up 85 points to 17,162.42 and the Nifty rose 26 points to 5,184.10.

Shares of Tata Motors topped the buying list, rising 4% on value buying. The stock have been rallied nearly 30% in a month.

Index heavyweights Reliance Industries and ONGC shot up 3% and 1%, respectively. Technology majors Infosys and TCS were up 1.9% and 1%, respectively.

Shares of country's largest telecom player Bharti Airtel jumped nearly 3%.

In the metal space, Tata Steel was up 2.3% and Sterlite Industries up 3.7%; Hindalco and Coal India gained around 1%.

However, HDFC, ITC, HDFC Bank and SBI were down 1% each. ICICI Bank was down 0.5%.

Bajaj Auto and BHEL were biggest losers, falling 3%; Hero Motocorp and DLF dropped 2% each.

Advancing shares outnumbered declining by 1593 to 1038 on the BSE.

At 11:32 hours IST : Nifty sees profit booking; banks, BHEL down

The market saw further profit booking led by sell-off in banking & financials, FMCG, auto (two-wheeler) and BHEL (lost 2% ahead of Q3 numbers), though it stayed in a positive terrain with moderate gains. Even Asian markets turned negative. The Sensex was up 49 points at 17,125.93 and the Nifty rose 10.55 points to 5,168.85.

"It is time to book profits and exit positions", says Ambareesh Baliga of Way2wealth, adding that buyers at these levels will be caught on the wrong foot.

"The rally could continue for a few days because of the momentum, but the correction is overdue," he adds.

Shares of country's largest lenders SBI and ICICI Bank dropped nearly 1.5%. HDFC Bank fell 0.8% and HDFC was down 1.3%.

FMCG majors ITC and HUL were down 1% and 0.4%, respectively. Rate sensitives like DLF, Bajaj Auto and Hero Motocorp went down 2% each.

However, index heavyweight Reliance, Infosys and Bharti Airtel helped the market to stay higher, rising 2%, 1.7% and 2.7%, respectively. ONGC was up 1% and L&T up 0.3%.

Shares of Sterlite Industries topped the buying list, gaining over 3% and Tata Motors jumped 2.5%. Tata Steel, M&M, Sun Pharma, Hindalco, Coal India, GAIL and Cipla moved up 1-1.7%.

The market breadth was still in favour of advances; about 1622 shares advanced while 805 shares declined on the BSE.