Taking cues from strong global markets, equities opened on a firm note on the major Indian bourses this morning. Telecom, metal, power, realty, capital goods and select IT and oil stocks moved up sharply in early trade. Besides several large cap stocks, a number of stocks from midcap and smallcap segments too surged higher on strong buying enquiries.
However, with quite a few blue chip stocks encountering resistance at higher levels, the Sensex, which had spurted to 15,970.70 in early trade, has now eased to 15,813.16, trimming down its gain to just around 0.28% or 43.44 points. The Nifty has slipped to 4691.70 from a high of 4746.30 and is up with a marginal gain of 14.75 points or 0.32%.
Reliance Infrastructure has moved up by over 2.5% to Rs 1160 thanks to reports that the company has received regulatory approval from Maharastra Electricity Regulatory Commission (MERC) to raise power tariff by as much as 10.22%.
Bharti Airtel, HDFC Bank, HDFC, Jaiprakash Associates, Infosys Technologies, NTPC, Satyam Computer Services, Tata Motors and Tata Steel have gained 1% - 2%. BHEL, Larsen & Toubro and Tata Consultancy Services have also moved up sharply.
Nifty stock Cairn India has jumped by nearly 7% to Rs 282 on strong buying support on the back of reports that the company has secured exploration licence to explore for oil and natural gas in the Mannar basin by the government of Srilanka. According to an announcement from the company, the petroleum resources agreement for the offshore block will be signed in due course.
Sterlite Industries has climbed up 5.2% to Rs 877. Suzlon Energy has gained 2.9%. Tata Communications, Tata Power, BPCL, Siemens, Unitech, GAIL India, HCL Technologies, Power Grid, Reliance Petroleum and Dr Reddy's Laboratories are also up in the positive territory with notable gains.
ONGC, a big gainer in the previous two sessions, has slipped by 2.25% on profit taking. Hero Honda, Punjab National Bank, Zee Entertainment, Sun Pharmaceuticals and Idea Cellular have posted sharp losses. ICICI Bank, Reliance Industries, ABB, State Bank of India, Grasim Industries and DLF also exhibit weakness.
However, with quite a few blue chip stocks encountering resistance at higher levels, the Sensex, which had spurted to 15,970.70 in early trade, has now eased to 15,813.16, trimming down its gain to just around 0.28% or 43.44 points. The Nifty has slipped to 4691.70 from a high of 4746.30 and is up with a marginal gain of 14.75 points or 0.32%.
Reliance Infrastructure has moved up by over 2.5% to Rs 1160 thanks to reports that the company has received regulatory approval from Maharastra Electricity Regulatory Commission (MERC) to raise power tariff by as much as 10.22%.
Bharti Airtel, HDFC Bank, HDFC, Jaiprakash Associates, Infosys Technologies, NTPC, Satyam Computer Services, Tata Motors and Tata Steel have gained 1% - 2%. BHEL, Larsen & Toubro and Tata Consultancy Services have also moved up sharply.
Nifty stock Cairn India has jumped by nearly 7% to Rs 282 on strong buying support on the back of reports that the company has secured exploration licence to explore for oil and natural gas in the Mannar basin by the government of Srilanka. According to an announcement from the company, the petroleum resources agreement for the offshore block will be signed in due course.
Sterlite Industries has climbed up 5.2% to Rs 877. Suzlon Energy has gained 2.9%. Tata Communications, Tata Power, BPCL, Siemens, Unitech, GAIL India, HCL Technologies, Power Grid, Reliance Petroleum and Dr Reddy's Laboratories are also up in the positive territory with notable gains.
ONGC, a big gainer in the previous two sessions, has slipped by 2.25% on profit taking. Hero Honda, Punjab National Bank, Zee Entertainment, Sun Pharmaceuticals and Idea Cellular have posted sharp losses. ICICI Bank, Reliance Industries, ABB, State Bank of India, Grasim Industries and DLF also exhibit weakness.
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