Markets extend gains; Nifty reclaims 7,400
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Markets extended gains helped by a rebound in bank shares along with index heavyweight Reliance Industries and Infosys leading the gains.
At 10:15am, the S&P BSE Sensex was up 172 points at 24,360 and the Nifty50 was up 50 points at 7,401.
In the broader market, BSE Midcap was up 0.4% and Smallcap index was up 0.6%.
Market breadth was positive with 1191 gainers and 837 losers on the BSE.
"For the Nifty resistance is seen at 7377 above 7397, 7422 and 7449 while support is seen at 7327 below 7289, 7263" Geojit BNP Paribas Financial Services said in a note.
Among private banks, ICICI Bank was up 2.9% contributing the most to the Sensex gains. Axis Bank was up 4%.
Reliance Industries was up 1.6% ahead of its third quarter earnings later today. Brokerages expect higher gross refining margins to boost earnings.
IT shares were trading mixed, Infosys was up nearly 1% while TCS was down 0.4% post their third quarter earnings.
However, HCL Technologies was down 2%. The IT major today reported a net profit jump of 11.2% of Rs 1,920 crore for the quarter that ended in December 2015. Its rupee revenue stood at Rs 10,341 crore, up 2.4%.
Mindtree was down 2%. The company posted a 7.2% rise in net profit at Rs 150.9 crore for the December quarter on strong growth across segments, and also announced a recast of its top management.
Among other shares, Rallis India slipped to its 52-week low level at Rs 149, down 5% on the NSE after the company reported 20% year on year (Y-o-Y) decline in consolidated net profit at Rs 20 crore for the third quarter ended December 2015 (Q3FY16), due to lower revenues. The agrochemicals company had profit of Rs 25 crore in year ago quarter.
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