Sensex rallies for 3rd day; broader indices outperform

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At 11:01 hours IST, the Sensex remained higher for the third consecutive day led by buying interest in banking & financial, realty, capital goods, power, metal and pharma stocks. Reliance Industries, Bharti and Reliance Communication were the other gainers with 1-1.5% gain. The Nifty consistently stayed above the 4,800 mark. However, selling was seen in few stocks like HUL and Idea Cellular.

Positive Asian markets were helping the markets as well. Hang Seng rose 1.7%. Shanghai, Nikkei, Kospi, Straits Times, Taiwan Weighted and Jakarta went up 0.7-1.2%.

The 30-share BSE Sensex gained 163 points at 16,225 and the Nifty was up 54 points at 4,819. The broader indices were outperforming the benchmark indices, gained 2% each. The market breadth was positive; about 1,091 shares advanced while 119 shares declined on the NSE.

In the largecaps, Suzlon Energy shot up 7%. Ranbaxy Labs, Reliance Infrastructure, DLF, Tata Steel, SBI and Jaiprakash Associates moved up 3-4%.

Rico Auto was up 5%, as the company's management revoked suspension of 9 out 16 suspended employees. According to sources, Rico's workers called off strike and the company will stat operating at full capacity from today.

In the midcap space, Rashtriya Chemical, National Fertilisers, STC India, Reliance Industrial Infra and Jai Corp gained 10-14%.

In the smallcap space, Madhucon Projects, Fresenius Kabi, JSW Holdings, Hindustan Organic Chemical and Fem Care Pharma went up 9-13%. However, Bombay Burmah, Ushdev Int, Greenply Industries, Shree Ram Urban and Modern India fell 1.7-5%.1.72%

Tata Steel said October saw best ever production in most units. Its October sales were up 38% at 4.62 lakh tonnes (YoY). October hot metal production was up 17% at 6.49 lakh tonnes; crude steel production up 22% at 6 lakh tonnes and saleable steel production up 27% at 5.7 lakh tonnes (YoY). The stock rose 3.6%.

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