Mid-market session: NIFTY50 and SENSEX jump over 1%, Sun Pharma, Bharti Airtel among top gainers

Indian equity markets magnified their gains and were trading higher by around one percent in late morning deals on account of buying by funds and retail investors. Hectic buying in Bharti Airtel, Sun Pharma, Mahindra & Mahindra, Reliance Industries and Larsen & Toubro companies' stocks helped the markets to magnify their gains.

Meanwhile, broader indices were trading in green with BSE Mid cap index and Small cap index gaining in the range of 0.20-0.30%.

There were some buzz in banking industry related stocks as the latest data from the Reserve Bank of India (RBI) showed that credit growth in the fortnight ending November 15 slowed to 11.15 per cent year-on-year (Y-o-Y), while deposit growth slightly outpaced credit growth, reaching 11.21 per cent Y-o-Y.

On the global front, Asian markets were trading mixed as investors assessed November inflation numbers from Japan’s capital of Tokyo and industrial production figures from South Korea. The November headline inflation rate in Tokyo was 2.6%, a rebound from the 1.8% seen in October.

Easy Trip Planners surged after shares of the company were trading ex-bonus today, issuing one bonus equity share for every one fully paid- up equity share.

The BSE Sensex is currently trading at 79842.94, (+by 799.20 points or 1.01% after trading in a range of 79026.18 and 79843.22. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.27%, while the Small-cap index (+0.21%).

The NIFTY50 is traded at 24139.85, (+by 225.70 points or 0.94% after trading in a range of 23927.15 and 24144.45. The index had 42 stocks advancing and 8 stocks declining.

The top gainers on the Nifty were Bharti Airtel, (+3.82%), Cipla, (+3.17%), Sun Pharma, (+2.92%), Mahindra & Mahindra, (+2.36%, and Reliance Industries, (+2.14%). On the flip side, SBI Life, (-1.56%), Shriram Finance, (-1.12%), Power Grid, (-0.96%), Adani Enterprises, (-0.59%), and IndusInd Bank, (-0.23%), were the top losers.

Asian markets were trading mixed; Hang Seng advanced 99.31 points or 0.51% to 19,466.27, Shanghai Composite strengthened 44.87 points or 1.36% to 3,340.57 and Taiwan Weighted added 130.82 points or 0.59% to 22,429.72. However, Straits Times fell 23.97 points or 0.64% to 3,713.28, KOSPI dropped 45.37 points or 1.81% to 2,459.30, Nikkei 225 slipped 139.57 points or 0.36% to 38,209.49 and Jakarta Composite plunged 84.78 points or 1.18% to 7,115.38.