Market update: Sensex moves past 14300

Strong gains across Asian markets, following the overnight rally in US indices, have helped frontline Indian indexes to extend their gains. The Sensex saw a high of 14384, which is only around 350 points shy of its lifetime high touched earlier this year.

Sensex opened at 14273 and saw a high of 14384. The index is trading higher by 89 points at 14307 at 11.10 AM IST.

Nifty opened at 4170 and rallied to a high of 4218. The index is now trading higher by 26 points at 4193.

Tata Motors is continuing the rally and is the best performer among Nifty stocks with gains of 3 per cent.

MTNL has recovered 3 per cent after the recent decline while Bharti has added close to 1.5 per cent.

Reliance Petroleum has gained another 1.5 per cent while HPCL has also added 1.5 per cent.

Among pharma stocks, Dr. Reddy's has extended its gains and has added 2.5 per cent while Glaxo is trading 1.5 per cent higher.

ICICI Bank is trading more than 1.5 per cent higher.

Suzlon Energy and Grasim are the other major Nifty gainers.

Hero Honda has corrected after yesterday's rally and has lost nearly 2 per cent.

Cipla has also lost 1.5 per cent after yesterday's sharp gains.

Among metals, Tata Steel has lost 0.5 per cent while Sterlite and Nalco are trading with modest losses.

Gujarat Ambuja Cements has declined 1.5 per cent.

HDFC is trading 0.5 per cent lower. IDFC has seen a steep fall in early trading and has lost nearly 6.5 per cent.

HCL Tech, ABB and Dabur are the other losers among Nifty stocks.

Mid-caps and small caps have gained modestly in early trading. The NSE mid-cap index is now trading with gains of 0.1 per cent. BSE mid-cap index has also added 0.35 per cent and the BSE small-cap index is trading close to 0.3 per cent higher.

Lumax Auto Tech, Binani Industries, Cholamandalam DBS, and STI India are locked in 10 per cent upper circuits for the second successive session.

PSL, KEI Industries, Lokesh Machines, Graphite India, Vijaya Bank and BEPL are the other major gainers among mid-caps and small caps.

Rei Agro is locked in 20 per cent down circuit while GHCL and Genus Overseas have lost 10 per cent each.

Khaitan Limited, Khandwala Securities, Ramco Systems, TT Limited and GTC Industries are the major losers among mid-caps and small-caps.

Thomas White Global Research, part of the Thomas White International Group, publishes capital market research for global institutions and investment banks, and is headed by Thomas White, a former managing director of Morgan Stanley Asset Management.

*Disclaimer: Thomas White International may have recommended some of the stocks specifically mentioned in this report to our clients. Lord Asset Management Trust, our mutual fund management associate, and our asset management division may also have positions in some of the stocks specifically mentioned in this report. As a policy, employees of Thomas White International are not allowed to invest or trade in common stocks and common stock derivatives. This report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content, the author or publisher shall not be held responsible for any loss caused to any person whatsoever.