The domestic market opens on upbeat note sustained by firmer international markets and some optimism that Monday''s Reserve bank of India rate cut will lower borrowing costs for corporates. RBI cut its repo rate for the first time in 4.5 years by 100 basis points to 8.0%, to soften the liquidity condition and shore up markets and the economy against the global turmoil.
Global cues are also strong as US markets ended higher and Asian markets are trading up boosted by signs that government efforts to push down short-term lending rates. BSE Sensex is trading above 10,200 mark along with NSE Nifty trading above 3,100 level. Most of the buying is seen in Capital Goods, Reality, Consumer Durables, Metal and Oil & Gas stocks. However, Pharma stocks are not able to gain market favour.
Indian rupee opened at Rs 48.95 per dollar as against Monday’s close of Rs 48.99.From the global front Asian markets are trading mostly higher. Nikkei 225 Average rises for the third successive session by 1.8% to 9,170.27 and the Hang Seng Index struggled to stay in the positive territory and went up by 0.3% at 15,354.82.
Monday US stock market rallied sharply to close with heavy gains on the back of positive global cues and improving credit markets. Dow Jones Industrial Average closed above 9,000 after signs emerged that the credit markets are softening and inter bank lending rates are declining. Along with this Ben Bernanke indicated about another fiscal motivation package. According to the fed chairman he feels the government''s recent efforts will help restore the financial system. Further, governments all over the world are taking more interests to help financial market crises.
The BSE Mid Cap and the BSE Small Cap stocks are also able to gain market favor in early trade.
The overall market breadth is positive as 995 stocks are advancing whereas 662 stocks are declining on BSE.
JP Associates reported the top gainer from the BSE Sensex pack, as it is trading with a gain of (3.47%) at Rs.70.5 while top loser is Mahindra & Mahindra Ltd as it is trading with loss of (6.28%) at Rs.391.05.
At 10.32AM, the BSE Sensex was up by 62.8 points at 10,258.91 and the Nifty was marginally higher by 4.19 points to 3,127.
The BSE Mid Cap increased by 33 points to 3,539.43 and the BSE Small Cap advanced by 42.1 points to 4,154.97.
BSE Capital Goods index gained 137.22 points to trade at 7,307.72. The major gainers are Usha Martin, SKF India, Alstom Proje and BHEL increased by (4.98%), (4.36%), (4.11%) and (3.34%) to Rs.34.75, Rs.169.95, Rs.238 and Rs.1,133 respectively.
BSE Reality index is trading higher by 96.05 points to trade at 2,526.66. The top gainers are Indiabull Real increased by (7.04%) to Rs.114.8, Orbit Co up by (6.42%) to Rs.74.55, Mahindra Life by (3.35%) to Rs.253.15 followed by Housing Dev advanced by (3.13%) to Rs.131.75.
Global cues are also strong as US markets ended higher and Asian markets are trading up boosted by signs that government efforts to push down short-term lending rates. BSE Sensex is trading above 10,200 mark along with NSE Nifty trading above 3,100 level. Most of the buying is seen in Capital Goods, Reality, Consumer Durables, Metal and Oil & Gas stocks. However, Pharma stocks are not able to gain market favour.
Indian rupee opened at Rs 48.95 per dollar as against Monday’s close of Rs 48.99.From the global front Asian markets are trading mostly higher. Nikkei 225 Average rises for the third successive session by 1.8% to 9,170.27 and the Hang Seng Index struggled to stay in the positive territory and went up by 0.3% at 15,354.82.
Monday US stock market rallied sharply to close with heavy gains on the back of positive global cues and improving credit markets. Dow Jones Industrial Average closed above 9,000 after signs emerged that the credit markets are softening and inter bank lending rates are declining. Along with this Ben Bernanke indicated about another fiscal motivation package. According to the fed chairman he feels the government''s recent efforts will help restore the financial system. Further, governments all over the world are taking more interests to help financial market crises.
The BSE Mid Cap and the BSE Small Cap stocks are also able to gain market favor in early trade.
The overall market breadth is positive as 995 stocks are advancing whereas 662 stocks are declining on BSE.
JP Associates reported the top gainer from the BSE Sensex pack, as it is trading with a gain of (3.47%) at Rs.70.5 while top loser is Mahindra & Mahindra Ltd as it is trading with loss of (6.28%) at Rs.391.05.
At 10.32AM, the BSE Sensex was up by 62.8 points at 10,258.91 and the Nifty was marginally higher by 4.19 points to 3,127.
The BSE Mid Cap increased by 33 points to 3,539.43 and the BSE Small Cap advanced by 42.1 points to 4,154.97.
BSE Capital Goods index gained 137.22 points to trade at 7,307.72. The major gainers are Usha Martin, SKF India, Alstom Proje and BHEL increased by (4.98%), (4.36%), (4.11%) and (3.34%) to Rs.34.75, Rs.169.95, Rs.238 and Rs.1,133 respectively.
BSE Reality index is trading higher by 96.05 points to trade at 2,526.66. The top gainers are Indiabull Real increased by (7.04%) to Rs.114.8, Orbit Co up by (6.42%) to Rs.74.55, Mahindra Life by (3.35%) to Rs.253.15 followed by Housing Dev advanced by (3.13%) to Rs.131.75.
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