Markets extend gains to 1%; Reliance gains

Markets extend gains to 1%; Reliance gains

Mumbai: Indian shares extended gains to 1% on Tuesday afternoon, led by energy major Reliance Industries, No. 2 outsourcer Infosys Technologies and leading telecoms Bharti Airtel.

At 1:52pm, the 30-share BSE index was up 0.9% at 17,141.76 points, with 24 stocks gaining, after rising to as much as 17,164.82. The 50-share NSE index was up 1.1% at 5,120.25.

Markets pared some of their early gains in the afternoon as over 2% cuts in the Chinese market raised apprehensions among investors.

But the market heavyweight Reliance Industries remained strong in trade after reports indicated that the company was likely to submit binding bid for LyondellBasell this week.

At 12:46pm, the 30-share BSE index gained 62.97 points or 0.3% to 17046.11. The 50-share Nifty advanced 0.6% to 5091.95 from its previous close of 5066.70.

In the BSE sectoral space consumer durables was up 1.31%, metal up 1.28%, oil & gas up 1.17%, capital goods up 0.56% and realty up 0.55% were the main gainers. On the other hand, Information Technology down 0.15% was the only loser on the BSE.

The major gainers on the Sensex were RIL up 1.64%, Hindalco Industries up 1.58%, Tata Steel up 1.50%, Bharti Airtel up 1.03% and Sterlite Industries up 0.90%.

Among the major losers were Reliance Communications down 1.02%, SBI down 0.40%, ITC down 0.27%, Grasim Industries down 0.21% and Infosys Technologies down 0.21%.

Among Asian markets Hang Seng shed 0.62% and Nikkei dipped by 0.56%.