The market witnessed smart gains and was showing no sign of weakness in afternoon trade. Strong buying emerged in bank, oil & gas, realty and metal stocks while auto stocks were trading in negative terrain. The BSE midcap and smallcap indices were trading with half a percent gain. Aditya Narain, Citigroup is till expect 18-19% Sensex earnings growth for FY12.
At 12.36 hrs IST, the Sensex was up 180.21 points or 1.00% at 18224.85, and the Nifty up 56.95 points or 1.05% at 5469.30.About 1592 shares have advanced, 954 shares declined, and 1097 shares are unchanged.Aditya Narain, Citigroup says, "We still expect 18-19% Sensex earnings growth for FY12. Macro-challenges remain but the market is probably too cautious on the impact on growth and earnings. We maintain our December Sensex target of 22,000."Top gainers on the Sensex were Hindalco at Rs 194.15 up 3.99%, Reliance Comm at Rs 83.40 up 3.67%, Reliance Infra at Rs 556.15 up 3.66%, ICICI Bank at Rs 1,060.50 up 3.40%, ONGC at Rs 282.50 up 2.99%.Refinery major HPCL was trading at Rs 366.80 up 3.08% from its previous close of Rs 355.85.Index heavyweight Reliance was trading at Rs 949.70 up 1.76% from its previous close of Rs 933.25.Top losers on the Sensex were Tata Motors at Rs 1,083 down 6.74%, HUL at Rs 302.75 down 1.18%, Hero Honda at Rs 1,852.95 down 1.07%, Maruti Suzuki at Rs 1,207.80 down 0.67% and Bajaj Auto at Rs 1,294.50 down 0.11%.Midcap gainers: Sterling Inter, Sintex India, Ramky Infra, Hindustan Constructions and KGN Industries were up 4-7%. Midcap losers: Videocon Industries, Infotech Enterprises, Gujarat Flourochem, Fresenius Kabi and Redington were down 2-3%. Smallcap gainers: Falcon Tyres, Bengal & Assam, Jayaswal Neco, Surana Corp and Sandur Manganese were up 6-10%. Smallcap losers: Tilaknagar Industries, Som Distilleries, Money Matters, R M Mohite Industries and Karma Industries were down 4-8%.
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