Volatility clutched the market from its opening bell but later recovered after touching its day’s low. The index pivotals led by Metals, Bankex and Auto spurted and pulled the market up. As per the report, US President Barack Obama is starting to see progress toward recovery for the economy.
Meanwhile, the market sentiment turned firm due to fresh buying by foreign funds in the past few days.
According to sources, Tech Mahindra won the bid to acquire 31% stake in the Satyam Computers Services. The acquirer company offered Rs. 58 per share for the Satyam bid, while L&T made an offer of around Rs. 49 per share.
After acquiring Satyam, Tech Mahindra will diversify its software services business and compete aggressively with bigger giants as TCS, IBM, Infosys and Wipro.
On the sectoral front, traders on-loaded positions across the sectors except in IT, CD and Teck. Banking stocks advanced on expectation of a further easing of the monetary policy by the regulatory body with headline inflation nearing to zero. IT stocks declined due to stronger rupee against dollar.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,481 stocks traded so far, 1,952 shares advanced while 469 shares declined. Nearly 60 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 137.14 points at 10,941 and NSE Nifty is up by 27.90 points at 3,369.95.
The BSE Mid Cap is trading higher by 105.46 points at 3,463.82 and Small cap is trading up by 134.51 points at 3,902.07.
Major gainers from the BSE Sensex pack are Tata Steel soared 8.98% to Rs. 284.65 along with Tata Motors advanced 8.28% to Rs. 243.80, Sterlite Industries 5.62% to Rs. 418.10, HDFC Bank by 5.35% to Rs. 1,102.00, ICIC Bank by 4.85% to Rs. 417.00, State Bank of India advanced 4.65% to Rs. 1,193.40 and Mahindra & Mahindra soared 4.40% to Rs. 454.30 among others.
Losers from the BSE Sensex Pack are Wipro Ltd slipped 3.54% to Rs. 264.50 along with, TCS Ltd plunged 3.25% to Rs. 583.60, NTPC Ltd by 1.44% to Rs. 191.40, Hindustan Uniliver by 1.27% to Rs. 230.00, Ranbaxy Labs by 1.22% to Rs. 187.00, Housing Development Finance Company plunged 1.01% to Rs. 1,685.90, and Bharti Airtel by 0.93% to Rs. 662.05 among others.
The BSE Metals is higher by 404.74 points or 5.95% at 7,206.30. Stocks trading in red are NMDC Ltd soared 13.58% to Rs. 189.80, Jai Corp Ltd 10.00% to Rs. 141.90, Tata Steel by 8.98% to Rs. 284.65, JSW Steel by 7.76% to Rs. 374.10 and Welspun Gujarat by 7.52% to Rs. 92.90 among others.
Reliance Industrial Infrastructure shed by 1.76% to Rs. 805.10 after the company denied the rumors that it was merging with its parent firm Reliance Industries Ltd.
Siemens slipped 0.44% to Rs. 285.30 on setting up a gas insulated switchgear manufacturing facility at Aurangabad with an investment of Rs. 40 crore.
Pfizer surged 9.98% to Rs. 685.20 on report that its parent Pfizer Inc said it will launch a tender offer to buy a 33.77% stake in the company at a price of Rs 675, representing a premium of 0.16% to the current ruling price.
Infomedia 18 Ltd advanced 10.17% to Rs. 76.90 after its board approved raising upto Rs. 100 crore by issuing equity shares on a rights basis.
Electrotherm India Ltd zoomed 19.98% to Rs. 139.60 ahead of a board meet to review proposed de-merger of the engineering business of the company to Electrotherm Engineering & Projects.
JK Tyre & Industries spurted 10.06% to Rs. 46.50 on reports the company plans to go ahead with its Rs. 500-crore expansion plan.
Suzlon Energy Ltd surged 7.92% to Rs. 62.00 after a block deal of 6.83 lakh shares was executed.
Meanwhile, the market sentiment turned firm due to fresh buying by foreign funds in the past few days.
According to sources, Tech Mahindra won the bid to acquire 31% stake in the Satyam Computers Services. The acquirer company offered Rs. 58 per share for the Satyam bid, while L&T made an offer of around Rs. 49 per share.
After acquiring Satyam, Tech Mahindra will diversify its software services business and compete aggressively with bigger giants as TCS, IBM, Infosys and Wipro.
On the sectoral front, traders on-loaded positions across the sectors except in IT, CD and Teck. Banking stocks advanced on expectation of a further easing of the monetary policy by the regulatory body with headline inflation nearing to zero. IT stocks declined due to stronger rupee against dollar.
The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of 2,481 stocks traded so far, 1,952 shares advanced while 469 shares declined. Nearly 60 shares are unchanged.
At 1.30PM, the BSE Sensex is trading higher by 137.14 points at 10,941 and NSE Nifty is up by 27.90 points at 3,369.95.
The BSE Mid Cap is trading higher by 105.46 points at 3,463.82 and Small cap is trading up by 134.51 points at 3,902.07.
Major gainers from the BSE Sensex pack are Tata Steel soared 8.98% to Rs. 284.65 along with Tata Motors advanced 8.28% to Rs. 243.80, Sterlite Industries 5.62% to Rs. 418.10, HDFC Bank by 5.35% to Rs. 1,102.00, ICIC Bank by 4.85% to Rs. 417.00, State Bank of India advanced 4.65% to Rs. 1,193.40 and Mahindra & Mahindra soared 4.40% to Rs. 454.30 among others.
Losers from the BSE Sensex Pack are Wipro Ltd slipped 3.54% to Rs. 264.50 along with, TCS Ltd plunged 3.25% to Rs. 583.60, NTPC Ltd by 1.44% to Rs. 191.40, Hindustan Uniliver by 1.27% to Rs. 230.00, Ranbaxy Labs by 1.22% to Rs. 187.00, Housing Development Finance Company plunged 1.01% to Rs. 1,685.90, and Bharti Airtel by 0.93% to Rs. 662.05 among others.
The BSE Metals is higher by 404.74 points or 5.95% at 7,206.30. Stocks trading in red are NMDC Ltd soared 13.58% to Rs. 189.80, Jai Corp Ltd 10.00% to Rs. 141.90, Tata Steel by 8.98% to Rs. 284.65, JSW Steel by 7.76% to Rs. 374.10 and Welspun Gujarat by 7.52% to Rs. 92.90 among others.
Reliance Industrial Infrastructure shed by 1.76% to Rs. 805.10 after the company denied the rumors that it was merging with its parent firm Reliance Industries Ltd.
Siemens slipped 0.44% to Rs. 285.30 on setting up a gas insulated switchgear manufacturing facility at Aurangabad with an investment of Rs. 40 crore.
Pfizer surged 9.98% to Rs. 685.20 on report that its parent Pfizer Inc said it will launch a tender offer to buy a 33.77% stake in the company at a price of Rs 675, representing a premium of 0.16% to the current ruling price.
Infomedia 18 Ltd advanced 10.17% to Rs. 76.90 after its board approved raising upto Rs. 100 crore by issuing equity shares on a rights basis.
Electrotherm India Ltd zoomed 19.98% to Rs. 139.60 ahead of a board meet to review proposed de-merger of the engineering business of the company to Electrotherm Engineering & Projects.
JK Tyre & Industries spurted 10.06% to Rs. 46.50 on reports the company plans to go ahead with its Rs. 500-crore expansion plan.
Suzlon Energy Ltd surged 7.92% to Rs. 62.00 after a block deal of 6.83 lakh shares was executed.
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