The key benchmark Indices rallied on strong US factory and home sales data that pushed the market at a higher level. Buying by foreign funds and expectation of a further easing of monetary policy by RBI supported the market. Investors are building confidence on the back of positive cues from global markets.
Meanwhile, the Ministry of Corporate Affairs accepted the recommendation of the National Advisory committee of Accounting Standards to defer implementation of Accounting Standard 11 (AS-11) that deals with accounting treatment of foreign currency transactions. As per the new standard companies need to report gain/loss every quarter after taking into account the value of their forex dent at the quarter end curry rates.
On the sectoral front, traders on-loaded position across the sectors. Realty stocks advanced on hopes lower rates will spur housing demand. Banking stocks gained on hopes a further fall in interest rates may boost lending growth. Metal stocks gained as primary metal prices indicated some recovery in past trading session. Cement stocks advanced on report of rise in demand. Oil&Gas stocks grew after the government oil bonds to compensate companies for under-recoveries on sale of petroleum products at a restricted price during the current financial year.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,465 stocks traded so far, 1,902 shares advanced while 488 shares declined. Nearly 75 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 481.47 points at 10,383.47 and NSE Nifty is up by 148.59 points at 3,208.95.
The BSE Mid Cap is trading higher by 121.77 points at 3,133.58 and Small cap is trading up by 122.30 points at 3,462.18.
Major gainers from the BSE Sensex pack are Tata Motors gained 13.68% to Rs. 204.45 along with DLF Ltd advanced 12.34% to Rs. 198.50, Jaiprakash Associates 10.77% to Rs. 94.60, Reliance Communication by 9.31% to Rs. 196.70, Mahindra & Mahindra Ltd by 8.97% to Rs. 430.00, State Bank of India by 7.99% to Rs. 1,159.80, Tata steel by 7.84% to Rs. 226.30, Tata Power by 7.36% to Rs. 853.00, Wipro Ltd by 7.31% to Rs. 270.00, Reliance Infra by 7.11% to Rs. 588.60 and Larsen & Toubro rose 7.43% to Rs. 722.50 among others.
The BSE Realty index is higher by 146.09 points or 8.88% at 1,791.41. Stocks trading in green are DLF Ltd surged 12.76% to Rs. 199.25, Housing Development & Infrastructure Ltd soared 12.24% to Rs. 100.90, Mahindra LifeScience by 10.12% to Rs. 148.00, Indiabulls Realty by 8.36% to Rs. 109.50, Anant Raj by 8.14% to Rs. 51.80 and Penland Ltd by 7.30% to Rs. 25.00 among others.
Reliance Industries gained 4.96% to Rs. 1,657.80 at on reports the company initiated pumping natural gas from its massive deep-sea field in the Bay of Bengal.
Ambuja Cements advanced 2.93% to Rs. 73.85 after its shipments rose to 1.72 million tons in YoY.
Housing Development & Infrastructure Ltd soared 12.24% to Rs. 100.90 on reports that it is selling 4 lakh square feet of transferable development rights worth Rs. 42 crore.
Tata Motors gained 13.68% to Rs. 204.45 despite domestic sales fell 13% to 52,686 units in March 2009 over March 2008.
Maruti Suzuki India rose 3.50% to Rs. 821.60 as its total vehicle sales rose 21.9% to 85,669 units in March 2009 over March 2008.
Larsen & Toubro rose 7.43% to Rs. 722.50 on orders booking aggregating Rs 1,143 crore from Tata Steel.
Suzlon Energy soared 10.30% to Rs. 51.40 after the company secured an order for supply of 20 wind turbine generators.
Bhagyanagar India zoomed 16.00% to Rs. 18.85 on buy back news.
Wockhardt gained 1.05% to Rs. 76.80 on reports promoters have put the group''s headquarters in Mumbai, Wockhardt Towers, for sale.
Piramal Healthcare deteriorated 1.45% to Rs. 190.95, on news of shutting down of its manufacturing facility in Huddersfield in United Kingdom.
Meanwhile, the Ministry of Corporate Affairs accepted the recommendation of the National Advisory committee of Accounting Standards to defer implementation of Accounting Standard 11 (AS-11) that deals with accounting treatment of foreign currency transactions. As per the new standard companies need to report gain/loss every quarter after taking into account the value of their forex dent at the quarter end curry rates.
On the sectoral front, traders on-loaded position across the sectors. Realty stocks advanced on hopes lower rates will spur housing demand. Banking stocks gained on hopes a further fall in interest rates may boost lending growth. Metal stocks gained as primary metal prices indicated some recovery in past trading session. Cement stocks advanced on report of rise in demand. Oil&Gas stocks grew after the government oil bonds to compensate companies for under-recoveries on sale of petroleum products at a restricted price during the current financial year.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,465 stocks traded so far, 1,902 shares advanced while 488 shares declined. Nearly 75 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 481.47 points at 10,383.47 and NSE Nifty is up by 148.59 points at 3,208.95.
The BSE Mid Cap is trading higher by 121.77 points at 3,133.58 and Small cap is trading up by 122.30 points at 3,462.18.
Major gainers from the BSE Sensex pack are Tata Motors gained 13.68% to Rs. 204.45 along with DLF Ltd advanced 12.34% to Rs. 198.50, Jaiprakash Associates 10.77% to Rs. 94.60, Reliance Communication by 9.31% to Rs. 196.70, Mahindra & Mahindra Ltd by 8.97% to Rs. 430.00, State Bank of India by 7.99% to Rs. 1,159.80, Tata steel by 7.84% to Rs. 226.30, Tata Power by 7.36% to Rs. 853.00, Wipro Ltd by 7.31% to Rs. 270.00, Reliance Infra by 7.11% to Rs. 588.60 and Larsen & Toubro rose 7.43% to Rs. 722.50 among others.
The BSE Realty index is higher by 146.09 points or 8.88% at 1,791.41. Stocks trading in green are DLF Ltd surged 12.76% to Rs. 199.25, Housing Development & Infrastructure Ltd soared 12.24% to Rs. 100.90, Mahindra LifeScience by 10.12% to Rs. 148.00, Indiabulls Realty by 8.36% to Rs. 109.50, Anant Raj by 8.14% to Rs. 51.80 and Penland Ltd by 7.30% to Rs. 25.00 among others.
Reliance Industries gained 4.96% to Rs. 1,657.80 at on reports the company initiated pumping natural gas from its massive deep-sea field in the Bay of Bengal.
Ambuja Cements advanced 2.93% to Rs. 73.85 after its shipments rose to 1.72 million tons in YoY.
Housing Development & Infrastructure Ltd soared 12.24% to Rs. 100.90 on reports that it is selling 4 lakh square feet of transferable development rights worth Rs. 42 crore.
Tata Motors gained 13.68% to Rs. 204.45 despite domestic sales fell 13% to 52,686 units in March 2009 over March 2008.
Maruti Suzuki India rose 3.50% to Rs. 821.60 as its total vehicle sales rose 21.9% to 85,669 units in March 2009 over March 2008.
Larsen & Toubro rose 7.43% to Rs. 722.50 on orders booking aggregating Rs 1,143 crore from Tata Steel.
Suzlon Energy soared 10.30% to Rs. 51.40 after the company secured an order for supply of 20 wind turbine generators.
Bhagyanagar India zoomed 16.00% to Rs. 18.85 on buy back news.
Wockhardt gained 1.05% to Rs. 76.80 on reports promoters have put the group''s headquarters in Mumbai, Wockhardt Towers, for sale.
Piramal Healthcare deteriorated 1.45% to Rs. 190.95, on news of shutting down of its manufacturing facility in Huddersfield in United Kingdom.
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