Indian bourses indices continue extending last weeks gains on firm Asian stocks. Expectation of second phase of stimulus package from the government and additional interest rate cuts by the central bank to support the domestic economy from the global economic recession, boosting moral of the investors. On account of weak industrial output data for Oct’08 has raised expectations of new policy from the government and RBI to shield the domestic economy. In addition to this, firm Asian Stocks movement and buying by foreign funds paved support to domestic bourses.
Moreover, the White House said that, the administration would consider using part of the Treasury''s USD 700 billion bailout package for financial institutions to keep the Big 3 automakers afloat after an autos bailout bill failed in the Senate.
On the sectoral front, all indices are trading in green. Banking stocks gained on hopes of further rate cuts by the central bank in order to sustain the growth momentum of the economy. Further, IT stocks grew as a rally in ADRs was seen on December 12, 2008. Realty stocks rose on hopes housing demand will improve on expectation of special home loan package from the state-owned banks. In line with this, Consumer Durables stocks grew on hopes of further rare cuts that will in turn boost the demand for goods.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,371 stocks traded so far, 1,785 shares advanced while 507 shares declined. Nearly 79 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 125.13 points at 9,815.20 and NSE Nifty is up by 55.80 points at 2,977.15.
The BSE Mid Cap is trading higher by 101.44 points at 3,151.92 and Small cap is trading up by 108.32 points at 3,639.28.
Gainers from the BSE Sensex Pack are Hindalco higher by (7.56%) at Rs.56.90 along with Tata Steel by (7.39%) at Rs.234.00, Grasim Industries Ltd by (6.93%) at Rs.1,148.00, Sterlite Ind by (5.17%) at Rs.308.00, ONGC by (3.95%) at Rs.672.00, Mahindra & Mahindra by (3.77%) at Rs.304.00 and Bharti Airtel by (2.54%) at Rs.740.65 among others.
The BSE Metal index is higher by 278.23 points or (5.28%) at 5,543.36. Stocks trading higher are Welspun Gujarat up by (12.05%) at Rs.110.65, Steel Authority of India by (9.81%) at Rs.87.85, Hindalco by (7.56%) at Rs.56.90, Tata Steel by (7.39%) at Rs.234.00 and Sesa Goa by (7.28%) at Rs.84.00 among others.
The BSE Realty index is higher by 96.23 points or (4.52%) at 2,224.41. Stocks trading higher are Ansal Infra up by (14.52%) at Rs.34.70, Orbitco by (13.23%) at Rs.61.20, Housing Dev by (13.03%) at Rs.123.20, Unitech by (10.79%) at Rs.38.00 and Indiabulls Realty by (9.43%) at Rs.138.15 among others.
The BSE Bankex index is higher by 115.63 points or (2.28%) at 5,178.88. Stocks trading higher are Indus Ind by (13.57%) at Rs.38.50 along with Indian Overseas by (4.58%) at Rs.71.90, Federal Bank by (3.89%) at Rs.144.20, Kotak Bank by (3.83%) at Rs.387.35 and Yes Bank by (3.25%) at Rs.76.15 among others.
Moreover, the White House said that, the administration would consider using part of the Treasury''s USD 700 billion bailout package for financial institutions to keep the Big 3 automakers afloat after an autos bailout bill failed in the Senate.
On the sectoral front, all indices are trading in green. Banking stocks gained on hopes of further rate cuts by the central bank in order to sustain the growth momentum of the economy. Further, IT stocks grew as a rally in ADRs was seen on December 12, 2008. Realty stocks rose on hopes housing demand will improve on expectation of special home loan package from the state-owned banks. In line with this, Consumer Durables stocks grew on hopes of further rare cuts that will in turn boost the demand for goods.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,371 stocks traded so far, 1,785 shares advanced while 507 shares declined. Nearly 79 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 125.13 points at 9,815.20 and NSE Nifty is up by 55.80 points at 2,977.15.
The BSE Mid Cap is trading higher by 101.44 points at 3,151.92 and Small cap is trading up by 108.32 points at 3,639.28.
Gainers from the BSE Sensex Pack are Hindalco higher by (7.56%) at Rs.56.90 along with Tata Steel by (7.39%) at Rs.234.00, Grasim Industries Ltd by (6.93%) at Rs.1,148.00, Sterlite Ind by (5.17%) at Rs.308.00, ONGC by (3.95%) at Rs.672.00, Mahindra & Mahindra by (3.77%) at Rs.304.00 and Bharti Airtel by (2.54%) at Rs.740.65 among others.
The BSE Metal index is higher by 278.23 points or (5.28%) at 5,543.36. Stocks trading higher are Welspun Gujarat up by (12.05%) at Rs.110.65, Steel Authority of India by (9.81%) at Rs.87.85, Hindalco by (7.56%) at Rs.56.90, Tata Steel by (7.39%) at Rs.234.00 and Sesa Goa by (7.28%) at Rs.84.00 among others.
The BSE Realty index is higher by 96.23 points or (4.52%) at 2,224.41. Stocks trading higher are Ansal Infra up by (14.52%) at Rs.34.70, Orbitco by (13.23%) at Rs.61.20, Housing Dev by (13.03%) at Rs.123.20, Unitech by (10.79%) at Rs.38.00 and Indiabulls Realty by (9.43%) at Rs.138.15 among others.
The BSE Bankex index is higher by 115.63 points or (2.28%) at 5,178.88. Stocks trading higher are Indus Ind by (13.57%) at Rs.38.50 along with Indian Overseas by (4.58%) at Rs.71.90, Federal Bank by (3.89%) at Rs.144.20, Kotak Bank by (3.83%) at Rs.387.35 and Yes Bank by (3.25%) at Rs.76.15 among others.
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