The markets today opened sharply higher on the back of positive cues from the global markets. All the sectorial indices are trading in red in the opening trade. However there is a little bit of volatility ahead of F&O expiry of February series on Thursday. The Metal and Capital Goods stocks are the front-runners in the early trade. Further significant buying is also seen among the Auto, Banking IT and Power stocks. The broader markets today are also facing the buying momentum, as both the BSE Mid Cap and the Small Cap index are trading with a gain of more than 1% each.
The government yesterday after the market hours has announced a third stimulus package in order to boost the slowing economy. The acting Finance Minister Pranab Mukherjee Mukherjee announced several relief measures in terms of excise duty cuts and reduction in service tax in an attempt to help industry, reeling under the pressure of the economic slowdown. The government has announced a cut in the excise duty and service tax by 2% each and extended a 4% reduction in excise duty, provided in the first stimulus package, beyond March 31. The duty on bulk cement has been reduced from 10% to 8% or Rs 230/t whichever is higher.
The Asian markets are trading higher today on the back of overnight gains in the US markets. The Nikkei 225, Hang Seng and Straits Times index are trading up by (0.80%), (0.50%) and (0.5%) respectively. However, Shanghai Composite index is trading lower by (0.80%).
The US markets on Tuesday after Federal Reserve chairman Ben Bernanke calmed the increasing fears of bank nationalization plan by the Obama administration. The Dow Jones Industrial Average (DJIA) surged by 236.16 points to close at 7,350.94. The NASDAQ Composite (RIXF) index increased by 54.11 points to close at 1,441.83 and the S&P 500 (SPX) grew by 29.81 points to close at 773.14.
The BSE Sensex is now trading above the 8,900 mark and the NSE Nifty trading above the 2,750 mark.
Mahindra & Mahindra reported the top gainer from the BSE Sensex pack, as it is trading higher by (4.52%) at Rs. 308.45, while ITC reported the top loser down by (0.53%) at Rs. 179.80.
The overall market breadth is positive as 980 stocks are advancing while 411 stocks are declining on BSE.
At 10.34AM, the BSE Sensex was up by 121.05 points at 8,943.11 and the Nifty was up by 36.75 points to 2,770.65.
The BSE Mid Cap increased by 39.15 points to 2,781.60 and the BSE Small Cap grew by 37.19 points to 3,153.30.
BSE Metal index is trading higher by 101.98 points or (2.22%) to trade at 4,686.05. The top gainers are JSW Steel increased by (3.53%) to Rs.190.75, NALCO up by (3.46%) to Rs.205, Hindalco Industries inclined by (3.20%) to Rs.40.35 followed by SAIL grew by (3.16%) to Rs. 78.45.
BSE Capital Goods index is trading higher by 118.07 points or (1.99%) to trade at 6,042.34. The major gainers are L&T inclined by (2.05%) to Rs. 638.30, Praj Industries up by (2.04%) to Rs.52.50, Punj Lloyd increased by (1.96%) to Rs.85.80 followed by BEML grew by (1.80%) to Rs.361.95.
L&T is trading higher by (2.33%) at Rs. 640. The company has bagged three new orders worth Rs 1,438 crore. The orders include Rs. 1,130 crore from Gulf region and a Rs 308 crore, order from the West Bengal State Electricity Distribution Company.
The government yesterday after the market hours has announced a third stimulus package in order to boost the slowing economy. The acting Finance Minister Pranab Mukherjee Mukherjee announced several relief measures in terms of excise duty cuts and reduction in service tax in an attempt to help industry, reeling under the pressure of the economic slowdown. The government has announced a cut in the excise duty and service tax by 2% each and extended a 4% reduction in excise duty, provided in the first stimulus package, beyond March 31. The duty on bulk cement has been reduced from 10% to 8% or Rs 230/t whichever is higher.
The Asian markets are trading higher today on the back of overnight gains in the US markets. The Nikkei 225, Hang Seng and Straits Times index are trading up by (0.80%), (0.50%) and (0.5%) respectively. However, Shanghai Composite index is trading lower by (0.80%).
The US markets on Tuesday after Federal Reserve chairman Ben Bernanke calmed the increasing fears of bank nationalization plan by the Obama administration. The Dow Jones Industrial Average (DJIA) surged by 236.16 points to close at 7,350.94. The NASDAQ Composite (RIXF) index increased by 54.11 points to close at 1,441.83 and the S&P 500 (SPX) grew by 29.81 points to close at 773.14.
The BSE Sensex is now trading above the 8,900 mark and the NSE Nifty trading above the 2,750 mark.
Mahindra & Mahindra reported the top gainer from the BSE Sensex pack, as it is trading higher by (4.52%) at Rs. 308.45, while ITC reported the top loser down by (0.53%) at Rs. 179.80.
The overall market breadth is positive as 980 stocks are advancing while 411 stocks are declining on BSE.
At 10.34AM, the BSE Sensex was up by 121.05 points at 8,943.11 and the Nifty was up by 36.75 points to 2,770.65.
The BSE Mid Cap increased by 39.15 points to 2,781.60 and the BSE Small Cap grew by 37.19 points to 3,153.30.
BSE Metal index is trading higher by 101.98 points or (2.22%) to trade at 4,686.05. The top gainers are JSW Steel increased by (3.53%) to Rs.190.75, NALCO up by (3.46%) to Rs.205, Hindalco Industries inclined by (3.20%) to Rs.40.35 followed by SAIL grew by (3.16%) to Rs. 78.45.
BSE Capital Goods index is trading higher by 118.07 points or (1.99%) to trade at 6,042.34. The major gainers are L&T inclined by (2.05%) to Rs. 638.30, Praj Industries up by (2.04%) to Rs.52.50, Punj Lloyd increased by (1.96%) to Rs.85.80 followed by BEML grew by (1.80%) to Rs.361.95.
L&T is trading higher by (2.33%) at Rs. 640. The company has bagged three new orders worth Rs 1,438 crore. The orders include Rs. 1,130 crore from Gulf region and a Rs 308 crore, order from the West Bengal State Electricity Distribution Company.
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