Midcap outperforms Sensex, Nifty; PSU Bank up 2% but HDFC, ITC dip

Benchmark indices continued to trade higher amid consolidation in morning, backed by Reliance Industries, HUL, Tata Motors, SBI and ICICI Bank (leading contributors to Nifty gains). HDFC and ITC, however, capped gains.

The 30-share BSE Sensex was up 99.12 points at 33,317.93 and the 50-share NSE Nifty gained 35.10 points at 10,338.30.

The broader markets continued to outperform benchmarks as the Nifty Midcap gained 0.8 percent on strong breadth. About three shares advanced for every share falling on the BSE.

PSU Bank index outperformed all indices, rising nearly 2 percent. Indian Bank, PNB, Bank of India, Union Bank, Syndicate Bank and SBI were up 1.5-7 percent.

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Posted in: Indian Market Tips