Sensex higher, Mid & Smallcap outperforms; railway stocks surge

Moneycontrol Bureau12:59 pm Market Update: Benchmark indices maintained uptrend in afternoon trade while the broader markets extended gains.

The 30-share BSE Sensex was up 70.56 points at 26666.01 and the 50-share NSE Nifty rose 29.30 points to 8208.80.The BSE Midcap index gained 0.6 percent and Smallcap jumped over a percent on positive breadth. About 1760 shares advanced against 760 declining shares on the BSE.12:40 pm Deutsche on OMCs: In Indian oil & gas sector, Deutsche Bank has reiterated its preference for oil marketing companies over upstream (ONGC, Oil India) companies. It expects OMCs to benefit from robust refining margins, capacity expansions, higher fuel marketing margin and consumption growth.12:20 pm Union Budget: The Cabinet Committee on Parliamentary Affairs today recommended holding of the Budget Session from January 31 when the government is likely to table the Economy Survey followed by the Union Budget on February 1.

In a first, the government has decided to present the Budget on February 1 instead of the last day of the month as part of an overhaul that would also scrap the practice of a separate railway budget.

The first part of the Budget Session will run till February 9.Also read -Buy, sell, hold: 10 stocks that may make or break your portfolio12:00 pm Market Check