Sensex holds 26000, Midcap shines; IndusInd Bank, Hindalco surge

Benchmark indices maintained positive momentum in noon trade on hopes of stable or better-than-expected earnings for the quarter ended December 2016. IndusInd Bank started earnings season yesterday, showing higher-than-expected profit and NII growth with slight weakness in asset quality.
The 30-share BSE Sensex gained 156.52 points at 27056.08 and the 50-share NSE Nifty rose 57.85 points to 8346.45. The broader markets extended gains, rising nearly a percent each on positive breadth.
IndusInd Bank was biggest gainer on the Nifty, up nearly 5 percent after stable earnings. Hindalco Industries retained its upmove, gaining 4.5 percent on top of 4 percent upside in previous session after Motilal Oswal said it was the top pick in metals space on strong earnings visibility and reasonable valuations.
HDFC Bank, ICICI Bank, L&T, Lupin, Tata Steel and SBI were other gainers with 1-3 percent upside while TCS and Infosys were down 0.5-1 percent ahead of earnings later this week.

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