Market makes smart turnaround on initial fall on the back of selective buying across the sectoral indices led by Oil & Gas and PSU Index with the gain of 3.16% and 2.24% respectively. Also rate cut by South Koea and Bank of England by 25 basis point and 150 basis points respectively, gives a trigger to the market. Moreover, the market sentiment was squished by cut in economic growth forecast by International. Monetary Fund (IMF) for India and economic contractions in the US, Japan euro region next year.
There is an urge for further rate cuts and fiscal stimulus. Further, slow down in metal prices and reduction in production by heavy weights as fears of a prolonged recession kept the investors away form the market and mixed Asian indices are signaling the fear of further liquidity crisis, putting pressure on the domestic indices.
On the sectoral front, traders off-loaded positions in all of the sectors. Oil&Gas stocks gained after oil slipped and reports that government may not cut domestic fuel prices in near terms. IT stocks are down due to fall in American depository receipts overnight and on worries that US outsourcing business will be curtailed as Obama is very particular about his statement given before election. Auto stocks fell after commercial vehicle makers all over the world announced production cut amid falling demand for vehicles.
The Market breadth, indicating the overall strength of the market, was positive. On BSE, out of 2405 shares, 1182 shares advanced while 1140 shares declined. Nearly 83 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 156.07 points at 9890.30 and NSE Nifty is up by 64.59 points at 2957.25.
The BSE Mid Cap is trading higher by 9.34 points at 3327.76 and Small cap is trading up by 5.5 points at 3885.77.
Gainers from the BSE Sensex Pack are Hindalco up by (4.41%) at Rs.59.20 along with NTPC by (3.26%) at Rs.149.00, RIL by (3.11%) at Rs.1,208.00, Reliance Infra by (3.52%) at Rs.523.50 and Wipro by (3.26%) at Rs.261.35.
The BSE Oil & Gas is up by 158.34 points at 5975.28. Gainers are HPCL up by (8.60%) at Rs.218.55, along with IOC by (6.46%) by Rs.365.05, BPCL by (6.18%) at Rs.330.05, GAIl by (4.02%) at Rs.211.00 and RIL by (3.11%) at Rs.1,208.00.
The BSE Power index is up by 28.64 points at 1730.87. Stocks trading higher are Suzlon Energy up by (14.23%) at Rs.68.65 along with Power Grid by (4.35%) at Rs.73.10, Tornt by (4.21%) at Rs.73.00, RPower by (3.90%) at Rs.114.55 and NTPC by (3.26%) at Rs.149.00.
There is an urge for further rate cuts and fiscal stimulus. Further, slow down in metal prices and reduction in production by heavy weights as fears of a prolonged recession kept the investors away form the market and mixed Asian indices are signaling the fear of further liquidity crisis, putting pressure on the domestic indices.
On the sectoral front, traders off-loaded positions in all of the sectors. Oil&Gas stocks gained after oil slipped and reports that government may not cut domestic fuel prices in near terms. IT stocks are down due to fall in American depository receipts overnight and on worries that US outsourcing business will be curtailed as Obama is very particular about his statement given before election. Auto stocks fell after commercial vehicle makers all over the world announced production cut amid falling demand for vehicles.
The Market breadth, indicating the overall strength of the market, was positive. On BSE, out of 2405 shares, 1182 shares advanced while 1140 shares declined. Nearly 83 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 156.07 points at 9890.30 and NSE Nifty is up by 64.59 points at 2957.25.
The BSE Mid Cap is trading higher by 9.34 points at 3327.76 and Small cap is trading up by 5.5 points at 3885.77.
Gainers from the BSE Sensex Pack are Hindalco up by (4.41%) at Rs.59.20 along with NTPC by (3.26%) at Rs.149.00, RIL by (3.11%) at Rs.1,208.00, Reliance Infra by (3.52%) at Rs.523.50 and Wipro by (3.26%) at Rs.261.35.
The BSE Oil & Gas is up by 158.34 points at 5975.28. Gainers are HPCL up by (8.60%) at Rs.218.55, along with IOC by (6.46%) by Rs.365.05, BPCL by (6.18%) at Rs.330.05, GAIl by (4.02%) at Rs.211.00 and RIL by (3.11%) at Rs.1,208.00.
The BSE Power index is up by 28.64 points at 1730.87. Stocks trading higher are Suzlon Energy up by (14.23%) at Rs.68.65 along with Power Grid by (4.35%) at Rs.73.10, Tornt by (4.21%) at Rs.73.00, RPower by (3.90%) at Rs.114.55 and NTPC by (3.26%) at Rs.149.00.
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