The markets ended higher today after rallying hard on Tuesday on the back of no negative surprises from the credit policy. Initial trade was sluggish in line with the rest of the Asia. However, the markets took a U turn post lunch and moved back into the green. In broader markets, the midcap and smallcap index outperformed frontline indices, which gave the market reasonably good breadth. Turnover was also higher ahead of the F&O expiry day.

The rupee continued to rally adding pressure to technology stocks. In today's results, Idea came out with a stellar set of numbers above street expectations. The star performer of the day was Ranbaxy up over 5% on the back of a USFDA approval.

Except for IT and metal, all other BSE sector indices closed in the green. FMCG, pharma and oil and gas were among the major gainers followed by bank and auto.

Ranbaxy, Cipla, Hero Honda and Grasim were the top gainers on the BSE while Infosys, Tata Steel, Satyam, GAIL, Zee Entertainment led the losers pack.

The Sensex was up 81.05 points, or 0.57%, at 14217.77. The Nifty gained 25.50 points, or 0.62%, at 4167.3. The BSE Midcap Index ended at 5,805.33 up 60 points, or 1.6%, and BSE Smallcap Index ended at 7,075.01 up 128 points, or 1.9%.

Investment Analyst Mudar Patherya said, “If we stop obsessing ourselves with the market and start obsessing ourselves with value we can derive a better return out of the circumstances.”

He believes that madcap and smallcap stock will outperform frontline stocks going forward. “That is going to happen as we go along. I keep saying let us stop bothering about the market and start bothering a little more with value.”