Mumbai, September 16: Stocks extended gains on Wednesday propped up by advances in metals, realty and banking counters. Sentiment turned for the better after reports of advance tax payments by some corporates, indicating revival in the economy. Positive trends in the global markets also supported the upmove.
“We expect our market to open up and rally for the day. Markets are expected to trade between 4870-4843 on the lower side while resistance lies between 4935-4986,” said Religare Securities in a research note.
At 11 am, National Stock Exchange’s Nifty was perched well above the 4900 mark. The index was trading at 4932.40, up 0.82 per cent or 40.3 points. The index surged to a high of 4949.85 after opening at 4894.65.
Bombay Stock Exchange’s Sensex was trading at 16,433.15, higher by 1.35 per cent or 218.96 points from the previous close. The index touched a high of 16,448.95 and low of 16,255.42 in trade so far.
The broader market too witnessed buying activity. Outperforming the benchmarks, the BSE Midcap Index climbed 1.07 per cent and BSE Smallcap Index rose 1 per cent.
High beta sectors like metals and realty continued their uptrend. BSE Metal Index advanced 2.48 per cent, followed by BSE Realty up 1.79 per cent and BSE Bankex up 1.1 per cent.
Significant gains in Tata Steel (3.44%), Jindal Steel (3.43%), SAIL (2.99%), Suzlon (2.25%) and Sterlite Industries (2.06%) drove the Nifty higher.
GAIL (-1.59%), Wipro (-0.69%), Ranbaxy Laboratories (-0.64%), Sun Pharmaceuticals (-0.27%) and Tata Communications (-0.24%) were the losers.
Market breadth on BSE was extremely strong with 1481 advances against 809 declines.
–Agencies