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Equity benchmarks gained strength in noon trade with the Nifty inching towards 8150 level, supported by auto, FMCG, oil and telecom stocks. HDFC Bank and Axis Bank turned positive while SBI and ICICI Bank remained under pressure after RBI move. The 30-share BSE Sensex was up 65.54 points at 26381.88 and the 50-share NSE Nifty rose 20.20 points to 8134.50 while the broader markets extended rally.
The BSE Midcap and Smallcap indices gained 1 percent each as about 1610 shares advanced against 664 declining shares on the exchange. Bharti Airtel was the biggest gainer among Sensex 30 stocks, followed by ITC, Tata Motors, Hero Motocorp, Axis Bank, Bajaj Auto, NTPC and Cipla with 1-2.5 percent. State Bank of India and ICICI Bank fell more than 1.5 percent. Asian markets were mixed. The Japanese benchmark closed lower today after seven straight sessions of gains as the yen rose sharply against the dollar and oil prices slipped.