Cues from Asian market, gain in US market, end of terror in Mumbai, reshuffle of key government ministers and expectation of a further cut in interest rate pulled the domestic bourses. There are anticipations that RBI will cut rates further in order to boost the confidence by the global financial crisis and the series of attack in Mumbai.
On the sectoral front, traders on-loaded positions across the sectors except Consumer Durables and Auto. Steel stocks were supported on government’s latest initiative to protect the domestic industry from cheap imports. The domestic steel industry struggling against falling international demands and cheap imports from China is all set to get more help from the government. Further, Cement stocks rose on reports that cement manufacturers have urged the government to rationalize the tax structure for cement industry in order to achieve strong economic growth. In addition to this, Banking stocks rose on strong American Depository Receipts (ADRs) and on hopes of further cut in interest rates by the RBI.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 1,789 shares traded so far, 1,118 shares advanced while 610 shares declined. Nearly 61 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 164.96 points at 9,257.69 and NSE Nifty is up by 56.40 points at 2,811.50.
The BSE Mid Cap is trading higher by 17.60 points at 2,902.82 and Small cap is trading up by 29.13 points at 3,333.75.
Gainers from the BSE Sensex Pack are Sterlite In by (6.98%) at Rs.253.50 along with Jaiprakash Associates by (6.96%) at Rs.59.95, RCom by (5.63%) at Rs.206.50, TCS Ltd by (5.06%) at Rs.586.30, and ONGC by (4.26%) at Rs.725.00.
Losers from the BSE Sensex Pack are Maruti Suzuki down by (4.64%) at Rs.511.00 along with Tata Power by (3.09%) at Rs.648.45, Mahindra & Mahindra by (2.82%) at Rs.273.70, ICICI Bank by (0.94%) at Rs.348.10, and Tata Motors by (0.92%) at Rs.135.10.
The BSE Oil&Gas index is higher by 199.16 points at 5,817.32. Stocks trading up are Essar Oil by (6.06%) at Rs.78.80 along with ONGC by (4.26%) at Rs.725.00, Gail India by (4.18%) at Rs.204.30 and RNRL by (3.91%) at Rs.42.50.
The BSE Realty index is higher by 52.86 points at 1,613.87. Stocks trading higher are Unitech up by (13.64%) at Rs.26.25 along with Ansal Infra by (11.95%) at Rs.28.10, Housing Dev by (4.36%) at Rs.80.20 and Mahindra Life by (3.69%) at Rs.163.00.
GVK Power and Infrastructure (GVKPIL) is trading higher by (5.37%) at Rs 17.45 as the company is reportedly set to complete its Rs.2,069 crore Alaknanda hydro power project in Rishikesh within 48 months, though the target construction time is 52 months. Around 15 months of construction has already been completed and water from the Alaknanda river has been let into the tunnel.
On the sectoral front, traders on-loaded positions across the sectors except Consumer Durables and Auto. Steel stocks were supported on government’s latest initiative to protect the domestic industry from cheap imports. The domestic steel industry struggling against falling international demands and cheap imports from China is all set to get more help from the government. Further, Cement stocks rose on reports that cement manufacturers have urged the government to rationalize the tax structure for cement industry in order to achieve strong economic growth. In addition to this, Banking stocks rose on strong American Depository Receipts (ADRs) and on hopes of further cut in interest rates by the RBI.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 1,789 shares traded so far, 1,118 shares advanced while 610 shares declined. Nearly 61 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 164.96 points at 9,257.69 and NSE Nifty is up by 56.40 points at 2,811.50.
The BSE Mid Cap is trading higher by 17.60 points at 2,902.82 and Small cap is trading up by 29.13 points at 3,333.75.
Gainers from the BSE Sensex Pack are Sterlite In by (6.98%) at Rs.253.50 along with Jaiprakash Associates by (6.96%) at Rs.59.95, RCom by (5.63%) at Rs.206.50, TCS Ltd by (5.06%) at Rs.586.30, and ONGC by (4.26%) at Rs.725.00.
Losers from the BSE Sensex Pack are Maruti Suzuki down by (4.64%) at Rs.511.00 along with Tata Power by (3.09%) at Rs.648.45, Mahindra & Mahindra by (2.82%) at Rs.273.70, ICICI Bank by (0.94%) at Rs.348.10, and Tata Motors by (0.92%) at Rs.135.10.
The BSE Oil&Gas index is higher by 199.16 points at 5,817.32. Stocks trading up are Essar Oil by (6.06%) at Rs.78.80 along with ONGC by (4.26%) at Rs.725.00, Gail India by (4.18%) at Rs.204.30 and RNRL by (3.91%) at Rs.42.50.
The BSE Realty index is higher by 52.86 points at 1,613.87. Stocks trading higher are Unitech up by (13.64%) at Rs.26.25 along with Ansal Infra by (11.95%) at Rs.28.10, Housing Dev by (4.36%) at Rs.80.20 and Mahindra Life by (3.69%) at Rs.163.00.
GVK Power and Infrastructure (GVKPIL) is trading higher by (5.37%) at Rs 17.45 as the company is reportedly set to complete its Rs.2,069 crore Alaknanda hydro power project in Rishikesh within 48 months, though the target construction time is 52 months. Around 15 months of construction has already been completed and water from the Alaknanda river has been let into the tunnel.
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