Sensex stays higher; Tata Motors tops buy list

ALSO READ See Key Market Stats - Top Gainers/ Losers, Most Actives, Highs/Lows See how Global Markets are trading Indian ADRs

The market continued to trade higher, led by support from index heavyweights Reliance, Infosys and SBI. European markets too were positive in the early trade, rising half a percent. The Nifty gained 21.60 points at 5,148.95 and the Sensex rose 65 points to 17,061.18.
 
Shares of Tata Motors topped the buying list, rising 3%. Tata Steel, Coal India, Sterlite Industries and Maruti Suzuki gained 2% each.

Technology and telecom stocks like TCS, Infosys and Bharti Airtel were up 1.5% each. Among other largecaps, Reliance, HDFC, SBI and NTPC climbed 0.7-1.3%.

However, index heavyweights ICICI Bank and L&T dropped 0.9% & 0.6%, respectively. Shares of Tata Power, Hero Motocorp and Jindal Steel fell 1% each.

Advancing shares outnumbered declining by 1696 to 975 on the BSE. The broader markets moved up 1%.

Richard Ross, global technical analyst at Auerbach Grayson says that he is bullish on global markets for the first time since last May. "Regardless of what happens, this market, whether it's earnings, IMF warning that global growth will be slowing, whether it is on the political front or these European sovereigns fears which continue to be out there, the market is digesting them," he says.

At 12:43 hours IST : Nifty extends gains amid choppy trade; metals shine

The market extended gains amid choppy trade in the afternoon, helped by technology, auto (barring Hero Motocorp), metals, and index heavyweights Reliance and Bharti. Even ICICI Bank, HDFC Bank and L&T trimmed thier losses to half. The Sensex was up 101 points at 17,096.80 and the Nifty rose 30 points to 5,157.10.

Among the frontliners, Tata Motors, Coal India, Maruti Suzuki, Tata Steel, Sterlite Industries, Jaiprakash Associates, BPCL and Tata Motors rallied 2-2.7%.

Shares of Infosys, Reliance, HDFC, SBI, TCS and Bharti Airtel gained 1-1.7%.

However, L&T, ICICI Bank and HDFC Bank were down 0.5%.

SBI, United Spirits, Exide Industries, L&T, Strides Arcolab, ICICI Bank, Axis Bank and Tata Motors were most active shares on exchanges.

In the second line shares, Aurobindo Pharma, Shipping Corp, ILandFS Transport, Sintex Industries and Bajaj Hindusthan jumped 5-8% while Greaves Cotton, Biocon, Essar Ports, Jubilant Life and Vaarad Ventures dropped 2-4%.

The market breadth remains in favour of advances; about two shares gained for every share falling on the BSE.