The sharemarket remained firm in morning trade as the Sensex rose 141.61 points to 28497.23 and the Nifty climbed 44.85 points to 8610.40. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7 percent and 0.9 percent, respectively.

Brent crude held steady above USD 56 a barrel today, and US crude rose briefly more than USD 1, after a smaller than expected rise in US crude stocks were viewed by some as a sign that a supply glut was starting to abate.

The gains in futures, however, were capped by a warning from the International Energy Agency (IEA) that ample global production would still swell world inventories before investment cuts begin to significantly dent output. “The supply growth in 2015 is likely to continue unabated, albeit at a somewhat lower rate,” Fereidun Fesharaki at Facts Global Energy said in a note on Wednesday.

The market remained firm in morning trade as the Sensex rose 141.61 points to 28497.23 and the Nifty climbed 44.85 points to 8610.40. The broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7 percent and 0.9 percent, respectively. More than two shares advanced for every share declining on the Bombay Stock Exchange.

Shares of ICICI Bank, L&T, HDFC, Axis Bank, SBI, Maruti, Dr Reddy’s Labs, NTPC and Coal India gained 1-2 percent while Tata Motors, ONGC, M&M, Bharti Airtel, Sesa Sterlite, Cipla and BHEL were down over 1 percent. TCS traded above its 200 DMA, up 1.5 percent as Natarajan Chandrasekaran, CEO & MD told CNBC-TV18 that the company is confident of beating the 12-14 percent NASSCOM guidance put out for FY16 and will be able to beat the 13.1 percent guidance for FY15 as well.

Sun Pharma remained in focus after Taro reported good numbers with net sales up 11.3 percent to USD 237.7 million, margins expanded 380 basis points to 67 percent while net income up 23 percent at USD 142.5 million in Q3. NBCC gained 4 percent after it secured project management and consultancy business orders amounting to Rs 231.40 crore from Indian Institute of Technology, Roorkee. Fortis Healthcare surged 20 percent after 1.8 percent equity changed hands in 5 blocks on NSE and BSE.

Coustery : http://www.moneycontrol.com/news/local-markets/sensex-firm-nifty-holds-8600-icici-bank-lt-tcs-lead_1298790.html

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