Sensex, Nifty up over 2%; Midcap strong, Reliance & ICICI lead

The market continued to be strong with the Sensex rising over 500 points led by short covering in beaten down stocks like banks, oil, infra and auto stocks. The broader markets also gained strength, outperforming benchmarks.

The Sensex rallied 525.87 points or 2.29 percent to 23511.99 and the 50-share NSE Nifty climbed 168.65 points or 2.42 percent to 7149.60. The BSE Midcap and Smallcap indices gained more than 3 percent.

The market breadth was strong as about four shares advanced for every share declining on the Bombay Stock Exchange.

Reliance Industries, L&T, ICICI Bank, Tata Motors, SBI, Lupin and Axis Bank were top contributors’ to Sensex gains, up 4-7 percent. Tata Steel topped the buying list on Sensex, up over 10 percent.

Bank of Baroda extended rally in noon trade, up more than 22 percent as brokerages maintained buy rating, though they cut target price and earnings per share estimates due to huge loss in Q3.

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Posted in: Indian Market Tips