Nifty inches towards 8850, Midcap outperforms; JSPL most active

Epic Update Jindal Steel

The market gained some strength in morning, with the Nifty inching towards 8850 level amid consolidation while the broader markets outperformed benchmarks.

The 30-share BSE Sensex gained 48.10 points at 28516.85 and the 50-share NSE Nifty rose 15.15 points to 8836.85.

The BSE Midcap and Smallcap indices climbed 0.7 percent each on strong breadth. More than two shares advanced for every share falling on bourses.

Idea Cellular shares rallied 3.6 percent as media reports suggested that Vodafone-Idea merger may be announced by end of the month. The rally also spilled over to other telecom stocks – Reliance Communications gained 6 percent and Bharti Airtel rose 2.5 percent.

Jindal Steel was the biggest gainer among midcap stocks and also the most active stock on bourses, up nearly 8 percent.

TCS gained 1.5 percent ahead of board meeting for announcement of share buyback.

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Nifty inches towards 8850, Midcap outperforms; JSPL most active