Mumbai, Apr 24: The Indian markets closed on a strong note and continued its rally for strait second day. Good buying was seen in shares of telecom, capital goods, private power, auto and select cement companies.
The 30-share BSE Sensex closed 194.06 points or 1.74 pc higher at 11,329.05 and the 50-share NSE Nifty rose 1.67 pc or 57.05 points, to settle at 3,480.75. The broader indices also ended in line with the benchmark indices - CNX Midcap was up 1.68 pc, to 3959.80 and BSE Smallcap Index closed at 4,068.26, up 68.48 points or 1.71 pc.
Telecom companies also showed stunning performance and gave strong support to the benchmark indices. Reliance Communication gained 3.57 per cent.
Indices rally higher; TCS, RIL volatile
The Sensex was trading at 11,308, up 173 points and the Nifty was up 51 points, to 3,474, at 13:37 hours IST. Though the stocks like TCS and Reliance Industries were volatile, the benchmark indices extended rally on the back of buying in shares of telecom, banking, capital goods, private power and metal companies.
The broader indices continued to outperform the benchmark indices - BSE Midcap and Smallcap indices gained 1.9 per cent each.
Midcaps, smallcaps outperform indices
The Sensex was trading at 11,129, down just 5 points and the Nifty fell 4 points, to 3,419, at 11:42 hours IST. The broader indices outperformed the benchmark indices - BSE Midcap Index was up 1 pc and Smallcap Index gained 1.34 pc.
Benchmark indices are volatile and some buying interest is seen in telecom, private power and select cement companies shares and in individual stocks like SBI, HDFC, L&T, ICICI Bank, M&M, Hero Honda and TCS.
Among the midcap stocks, Blue Dart, Motilal Oswal, Sun Pharma Advanced, Torrent Power and Bannariamman gained 5.5-11 pc. In the small cap space, EIH Associated Hotel, VST, Gwalior Chemical, ABG Shipyard and JK Tyre went up 11-16 pc.
Markets volatile; Technology dips
The markets opened marginally higher and started trading with some volatility. At 9:56 am, the Sensex was trading at 11,154, up 19 points and the Nifty was up 3.55 points, to 3,427. CNX Midcap went up 24 points, to 3,918.
While technology stocks performed lower, the banking, auto and telecom stocks were on higer mode. Among the frontliners, HDFC Bank, Maruti, Cipla, Idea, Tata Steel, ONGC, L&T, ICICI Bank, PNB, SBI, Nalco, Hindalco and SAIL were gainers. However, Infosys, Reliance Industries (post Q4 numbers) and NTPC losers.