Sensex adds 61 points; Tata Steel rallies 4 per cent

Frontline Indian indexes have overcome their mid-morning uncertainties and have gained ground. Sustained gains across other Asian markets, led by Shanghai which has rallied 3.5 per cent, has helped domestic market sentiment. Power utility and steel stocks are leading the up trend.

Sensex is trading higher by 61 points at 13959 at 01.10 PM IST.

Nifty is now trading with gains of 12 points at 4096.

Power generation and utility stocks are doing very well. Tata Power is the best performer among Nifty stocks with gains of 5.5 per cent. Reliance Energy has added more than 2.5 per cent.

Tata Steel has resumed its rally and has surged more than 4 per cent while SAIL is trading nearly 2 per cent higher.

Satyam has picked up strength and has added nearly 2 per cent.

Among telecom stocks, VSNL and Reliance Communications has added 1.5 per cent each.

ABB, HDFC and Zee Entertainment are the other major gainers among Nifty stocks.

Jet Airways has surged well over 8 per cent in early afternoon trading.

Sun Pharma has come off its early lows, but remains the worst performer among Nifty stocks with losses of over 4 per cent.

ITC has slipped further and is now trading 3 per cent lower.

HCL Tech remains weak by nearly 3 per cent.

Maruti and M&M have lost close to 0.5 per cent each.

SBI is still trading more than 0.5 per cent lower.

Gujarat Ambuja is now down 1.5 per cent.

Suzlon, Gail India and Cipla are the other losers among Nifty components.

Mid-caps and small caps have also gathered strength in early afternoon trading. The NSE mid-cap index is now trading with gains of close to 0.6 per cent. BSE mid-cap index has added over 0.5 per cent and the BSE small-cap index is trading nearly 0.45 per cent higher.

Cyber Media, Magma Leasing and Numeric Power Systems are locked in 10 per cent upper circuit for the second consecutive session.

Swaraj Mazda is holding on to gains of 8.5 per cent on speculation that M&M may make a bid to acquire the company.

Among mid-cap technology stocks, Kale Consultants and i-Gate Global are trading with significant gains. Patni Computer has gained 2.5 per cent.

Gabriel India, Bindal Agro and Zenith Computers are the other major gainers among mid-caps and small caps.

Himadri Chemicals, Samtel, Sanwaria Agro, Khaitan Limited, Advanta, Goldstone Technologies, Somany Ceramics and Themis Medicare 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.