SENSEX, NIFTY FIRM; ITC, HDFC BANK, TCS, INFOSYS FALL

The market continued its positive upmove for the second consecutive day, supported by oil, auto, pharma and select metal stocks. The 30-share BSE Sensex climbed 97.57 points to 28073.43 and the 50-share NSE Nifty rose 29.85 points to 8522.15. The BSE Midcap advanced 0.7 percent and Smallcap gained 1.3 percent. Nearly two shares advanced for every share declining on the Bombay Stock Exchange. Reliance Industries maintained its morning gains, up 2 percent as brokerage sounded bullish on the stock. Morgan Stanley upgraded the stock to overweight from underweight and raised target price to Rs 1,062. Shares of Tata Motors, HUL, Sun Pharma, Axis Bank, Dr Reddy's Labs, Maruti, Sesa Sterlite, GAIL and Coal India rallied 1-2 percent while ITC, TCS, Infosys, HDFC Bank, L&T and NTPC saw profit booking. Tata Power and Adani Power gained 1.5-3 percent as Supreme Court ruled that companies can use argument of change in international law to charge higher tariff. Oil marketing companies stocks like IOC, HPCL and BPCL surged 3-5 percent as IOC chairman, B Ashok told CNBC-TV18 that they will report healthy profit in Q4. Inventory losses have been made up and currently they enjoy healthy margins on petrol cracks. Road companies like IRB Infrastructure, Ashoka Buildcon, NCC, Gayatri Projects etc gained 1-3 percent.
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