Sharemarkets are holding on to their early gains, with the 0.6 percent upmove on both key benchmarks sustaining.In key news-driven movers, investment bank JM Financial is up 5 percent after it infused Rs 360 crore into a real estate arm and said former Citi CEO Vikram Pandit would join it as non-executive chairman.

While mid- and small-cap shares too are gaining ground. However, one should be careful while betting on midcaps in a big way, believes Ajay Srivastava of Dimensions Consulting.

Equity benchmarks hit fresh record high in morning trade with the Sensex rising 184.95 points to 28252.51 and the Nifty climbing 59.45 points to 8461.35. The broader markets gained too with the BSE Midcap and Smallcap indices rising 0.7 percent each. About 1246 shares have advanced, 626 shares declined, and 61 shares are unchanged on the Bombay Stock Exchange.

Kotak Mahindra Bank kept its top position in the buying list, up 5.53 percent after it decided to buy ING Vysya Bank. Cipla surged 2.67 percent as brokerage house Bank of America Merrill Lynch said Cipla will triple its sales by FY20. “Profit after tax of the pharma company will jump 5-fold and margins will expand sharply,” it added. Tata Motors, IndusInd Bank, UltraTech Cement, Axis Bank, SBI and Hero Motocorp gained 1.5-2 percent. However, Infosys, Tata Power, Tech Mahindra and Asian Paints fell 0.5-1.5 percent.

Coustery  :  http://www.moneycontrol.com/news/local-markets/new-high-sensex185-pts-nifty-hits-8450-cipla-surges_1234473.html