Free Intraday Equity Tips on Mobile

The markets have bounced back this morning after ending virtually unchanged on Friday. The Sensex is quoting at 24,337, higher by 119 points and the Nifty is at 7,269, up 39 points. There is outperformance on the broader market front, with the midcap index at 8562, higher by 95 points and the smallcap index at 9090, up 75 points.

L&T's surge drove the capital goods index, which traded with more than 3 per cent gains, and outperformed all other sectoral indices on the BSE.

Shares of  L&T jumped 6 percent, hitting record high at Rs 1649 per share intraday on Monday. Investors are hurriedly buying its shares as the engineering and construction major reported profit after tax of Rs 2,723 crore (beating street estimates) in the quarter ended March 2014, up 69 percent year-on-year. Gains on divestment of part stake in a subsidiary company and other income drove earnings but finance and tax costs capped profitability.

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