Sensex up over 150 points, Nifty above 8,450; JP Infratech up 8%, Mastek 3%

NEW DELHI: The S&P BSE Sensex reversed its intraday losses and was up over 150 points in trade on Wednesday shrugging off muted trends seen in other Asian markets.

The 50-share Nifty too erased its losses and was trading above its crucial psychological level of 8,500.

The gains on the benchmark indices were led by index heavyweights such as Sun Pharma, Infosys, Reliance, ICICI Bank and L&T.

The overall market breadth was positive, with 6 out of every 10 BSE stocks quoting in the green.

The S&P BSE MidCap index was added 0.30 per cent, while the S&P BSE SmallCap index rose 0.48 per cent.

At 11:45 IST, the BSE Healthcare index was the top sectoral gainer, up 2.34 per cent. Sharon Bio contributed the most to the gains. Meanwhile, the BSE Metal index was the top sectoral loser, down 0.53 per cent. Hindustan Zinc contibuted most to the losses.

Major Asian markets were trading mixed. Making a smart recovery, China's Shnaghai Composite recouped losses after it fell as much as 5 per cent in trade, Japan's Nikkei fell over 1.5 per cent, while Hong Kong's Hang Seng lost about a per cent.

The rupee recovered by seven paise to 65.24 per dollar in late morning trade after on fresh selling of dollars by banks and exporters amid gains in equity markets.

The domestic currency opened on a weak note and touched a fresh two-year low of 65.40 against dollar in early trade today due to a strong dollar overseas. The domestic currency market remained shut on Tuesday on account of Parsi New Year.

Markets @ 11:30

Sensex: 28,000, up 180 points; Nifty: 8,515, up 49 points

BUZZING STOCKS

Mastek Ltd rose over 5 per cent in intraday trade.

DLF Ltd added over 3 per cent in intrday trade.

Jaypee Infratech Ltd surged over 8 per cent in intraday trade.

Sun Pharma Ltd gained over 2 per cent in intrdaay trade.

Everonn Ltd rallied 20 per cent in intraday trade.

Financial Technologies Ltd spurted nearly 6 per cent in intraday trade.

Tata Elxsi Ltd spiked nearly 9 per cent in intraday trade.

JP Associates Ltd zoomed nearly 15 per cent in intraday trade.

Sunteck Realty Ltd shot over 11 per cent in intraday trade.

Jindal Polyfilms Ltd surged over 8 per cent in intrdaay trade.

Dishman Pharma Ltd added oevr 4 per cent in intrdaay trade.

WHAT TOP EXPERTS SAY

Developed markets will continue to do well; Prefer Indian markets among EMs: Bhaskar Laxminarayan, Pictet Wealth Management

US Fed rate hike, Chinese market to influence direction of D-Street in near term: Prabhudas Lilladher

Next leg of rally likely to resume once Nifty reclaims 8,600: Sandeep Wagle

Pharma stocks trade at 'stratospheric' valuations; upside limited: Anand Tandon

Small, midcap stocks to offer enough trading opportunities: Ashwani Gujral

MARKETS THROUGH THE DAY

Markets @ 11:00

Sensex: 27,934, up 103 points; Nifty: 8,495, up 29 points

Top Gainers

SUN PHARMA (3.2%), CIPLA (2.0%), LUPIN LTD (1.8%), ICICI BANK (1.1%), RELIANCE IND. (1.0%)

Top Losers

SBI (-1.5%), BHARTI AIRTEL (-1.3%), HINDALCO (-1.3%), HDFC (-1.0%), BHEL (-0.9%)

Markets @ 10:00

Sensex: 27,806 down 25 points, Nifty: 8,455 down 11 points

Top Gainers

SUN PHARMA (2.4%), CIPLA (2.2%), WIPRO (0.9%), LUPIN LTD (0.9%), VEDANTA LTD (0.8%)

Top Losers

BHARTI AIRTEL (-2.7%), HINDALCO (-1.5%), COAL INDIA (-1.0%), HDFC BANK (-0.8%), NTPC (-0.8%)

Markets @ 9:20

The 30-share index was trading at 27734, down 96 points or 0.35 per cent. It touched a high of 27,865.85 and a low of 27,723.78 in trade today.

The Nifty was at 8,438 down 30 points or 0.33 per cent. It touched a high of 8471.25 and a low of 8425.95 in trade today.