Mid-Day Mood | Indices retain gains on upbeat global equities; Nifty firm above 19,800

Share market today

The benchmark Indian indices sustained the opening gains by the noon on October 11, taking cues from upbeat Asian peers. All major sectors, except Nifty PSU Bank, stood firm in the green, which further aided the market sentiment.

At 12:05 hrs IST, the Sensex was up 423.53 points or 0.64 percent at 66,502.89, and the Nifty was up 123.80 points or 0.63 percent at 19,813.60.
About 2304 shares advanced, 798 declined, and 93 were unchanged.

"It is important to appreciate the fact that even in the midst of the West Asian crisis, the markets are resilient, globally. The fundamental support to the market comes from the resilience of the US economy, the declining US bond yields and the hope that the Israel-Hamas conflict will remain a localised crisis that will not impact the crude prices. However, investors should remain cautious since the situation taking a turn for the worse cannot be ruled out," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"The fact that the Nifty is just 2.5 percent away from its all-time high indicates the strength and resilience of the market. Even though FIIs are sustained sellers in the market, buying by DIIs, HNIs and retail investors are counterbalancing the selloff and supporting the market. Safety is in large-caps," Vijaykumar added.

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According to Ashwin Ramani, derivatives and technical analyst at SAMCO Securities, a break above the 19,725 level is likely to drive the Nifty further up. For Bank Nifty, a breakout above 44,500, supported by short covering, will lead to a resumption of uptrend in the index.

Stocks and sectors 

The focus was on Tata Consultancy Services (TCS) ahead of the company's fiscal second-quarter earnings and buyback announcement due later in the day on October 11. The stock was up marginally.

Wipro shares jumped more than 3 percent as the IT services company completed its subscription to the equity share capital of FPEL Ujwal, a renewable energy company, for a total consideration of Rs 6.3 crore.

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Laxmi Organic shares jumped more than 8 percent in early trade after the company raised Rs 259 crore through qualified institutional placement (QIP).

Sectorally, the Nifty Auto index was the top gainer with Maruti Suzuki, Tata Motors, M&M, Bajaj Auto and Eicher Motors shares up by half a percent.

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