Equity benchmarks as well as broader markets extended gains in noon, aided by telecom, metals, select auto and health care stocks. Asian cues also continued to support the market. The Sensex has trading up 90 points at 28559 and the Nifty hiked 27 points at 8848.
The Nifty Mid-cap and Small-cap indices climbed nearly a percent on positive breadth. Laurence Balance of CLSA says as suspected, the Nifty is hesitating below resistance provided by the March 2015 and September 2016 highs at the 8,989-9,191 area following the initial breakout form the November-December 2016 double-bottom pattern.
Metals stocks gained momentum today. Tata Steel, Jindal Steel, Bhushan Steel, NMDC, SAIL, Vedanta and JSW Steel climbed 2-8 percent. Telecom stocks rallied after media reports indicated that Vodafone-Idea merger may be announced by end of current month. Idea Cellular, Reliance Communications, Bharti Airtel and Tata Teleservices were up 2-8 percent.
