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The NSE Nifty and BSE Sensex were trading higher amid volatility, but the broader markets continued to outperform benchmarks. The BSE Midcap Index rose 0.6% and Smallcap went up 0.75%.
Country's largest lender ICICI Bank gained 0.66% while its rival HDFC Bank jumped 1.7% ahead of first quarter earnings today.
Software services exporter TCS went up 1.65%, though it came off day's high whereas Infosys dropped 0.7%.
State-owned oil & gas producer ONGC and top telecom operator Bharti Airtel were up 0.9% each.
Drug producer Cipla topped the buying list, rising 1.8%. Housing finance company HDFC, cigarette major ITC and oil & gas producer Reliance Industries were marginally higher.
However, Jindal Steel tanked 1.4%. Sun Pharma, Dr Reddy's Labs and Maruti were down over 0.5%.
In the second line shares, Bajaj Corp, Tube Investment, DB Corp, Motilal Oswal and SRF gained 5-12%.
Smallcaps like Surana Industries, Asian Hotel (W), Ruby Mills, Mangalore Chemical and Network 18 (Note: Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group) were up 6-10%.
Indian equity benchmarks continued to trade higher with around 0.5% gains each led by buying interest in banks, oil & gas, capital goods and telecom stocks. TCS remained higher by more than 2% after its net profit rose higher than expected by 12% QoQ to Rs 3,280.5 crore in the quarter ended June 2012.
The BSE Sensex and NSE Nifty bounced back with more than 0.5% gains in early trade on Friday, after yesterday's sharp fall due to Infosys' Q1 results. Asian markets were sideways, even after a fall in US and European markets.
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Economy turning for sure but cant say for mkts: DSP