After subdued opening, the key benchmark indices strengthened on the back of sustained buying interest in Index Pivotals. This was also supported by firm Global markets. This rally may continue as equity analysts are raising earnings forecasts of India Inc on hope that the new government will revolutionize infrastructure sector in addition to other to boost growth.
Further, it is also expected that the market may see a pre-budget rally over the next one month on hopes of accelerated economic reforms and pro-reforms announcements.
On the sectoral front, out of 13 Indices, 9 were trading in green while only 4 were in red. Metal stocks advanced on strong domestic demand and firm metal prices on the London Metal Exchange.
FMCG majors edged higher on defensive buying. Outsourcing focused IT firms fell on rupee appreciation against dollar.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,771 stocks traded so far, 1,913 shares advanced while 800 shares declined. Nearly 58 shares are unchanged.
The BSE Sensex is trading lower by 23.11 points at 14,851.79 and NSE Nifty is down by 13.94 points at 4,511.30.
The BSE Mid Cap is trading higher by 18.93 points at 5,265.61 and Small cap is trading up by 69.02 points at 6,322.00.
Major gainers from the BSE Sensex pack are Tata Motors Limited surged 4.78% to Rs. 365.85 along with Sterlite Industries Limited spurted 4.63% to Rs. 722.50, ITC Limited spurted 3.91% to Rs. 199.45, ACC Limited advanced 3.89% to Rs. 815.00, Grasim Industries Limited by 3.73% to Rs. 2,291.80, Hindalco In by 3.53% to Rs. 90.90, Reliance Communication Limited by 3.51% to Rs. 330.55, Jaiprakash Associates Limited rose 3.31% to Rs. 223.25 and Tata Steel Limited 2.52% to Rs. 486.00 among others.
Losers from the BSE Sensex Pack are Mahindra & Mahindra Limited plunged 3.78% to Rs. 697.95 along with State Bank of India Limited fell 2.59% to Rs. 1,860.10, Infosys Technologies Limited by 2.28% to Rs. 1,644.00, ICICI Bank Limited by 1.12% to Rs. 724.25 and Reliance Industries Limited by 0.84% to Rs. 2260.00 among others.
The BSE Consumer Durables is higher by 100.33 points or 3.45% at 3,006.88. Stocks trading in green are Titan Industries Limited 4.95% to Rs. 1,170.00, Blue Star Limited 3.96% to Rs. 310.00, Gitanjali Gems by 2.97% to Rs. 133.50, Videocon Industries Limited 1.86%% to Rs. 186.45 and Rajesh Exports Limited by 0.68% to Rs. 51.90.
DLF Limited grew 0.19% to Rs. 405.50 on reports the Board of Approvals on Special Economic Zones agreed to denotify four zones of the real estate major.
Anu''s Laboratories Limited spurted 3.60% to Rs. 35.95 ahead of a board meeting today, 3 June 2009 to consider issue of bonus shares.
Tata Motors Limited surged 4.78% to Rs. 365.85 after global credit rating agency Moody''s revised upwards outlook on its low investment grade rating from negative to stable.
Jaiprakash Associates Limited rose 3.31% to Rs. 223.25 after cement dispatch jumped 25.7% to 8.07 lakh tons in May 2009 over May 2008.
ACC Limited advanced 3.89% to Rs. 815.00 after cement dispatch surged 4.88% to 9.25 million tons during the period from January-May 2009 over the January-May 2008 period.
HEG Limited fell 1.07% to Rs. 190.05 despite the company said it had repurchased foreign currency convertible bonds worth $3 million.
Shri Lakshmi cotsyn Limited advanced 4.94% to Rs. 65.90 after the company said its board of directors will meet on 9 June 2009 to consider capital expenditure of Rs. 1200 crore for various projects.
Flawless Diamond India Limited galloped 3.89% at Rs. 37.40 after the company bagged two overseas orders aggregating Rs. 33.60 crore.
Essar Oil Limited zoomed by 5.75% to Rs. 176.65 on reports company has decided to raise around $500 million by way of qualified institutional placement route as part of a $2 billion fund-raising program.
Further, it is also expected that the market may see a pre-budget rally over the next one month on hopes of accelerated economic reforms and pro-reforms announcements.
On the sectoral front, out of 13 Indices, 9 were trading in green while only 4 were in red. Metal stocks advanced on strong domestic demand and firm metal prices on the London Metal Exchange.
FMCG majors edged higher on defensive buying. Outsourcing focused IT firms fell on rupee appreciation against dollar.
The Market breadth, indicating the overall strength of the market, was weak. On BSE, out of 2,771 stocks traded so far, 1,913 shares advanced while 800 shares declined. Nearly 58 shares are unchanged.
The BSE Sensex is trading lower by 23.11 points at 14,851.79 and NSE Nifty is down by 13.94 points at 4,511.30.
The BSE Mid Cap is trading higher by 18.93 points at 5,265.61 and Small cap is trading up by 69.02 points at 6,322.00.
Major gainers from the BSE Sensex pack are Tata Motors Limited surged 4.78% to Rs. 365.85 along with Sterlite Industries Limited spurted 4.63% to Rs. 722.50, ITC Limited spurted 3.91% to Rs. 199.45, ACC Limited advanced 3.89% to Rs. 815.00, Grasim Industries Limited by 3.73% to Rs. 2,291.80, Hindalco In by 3.53% to Rs. 90.90, Reliance Communication Limited by 3.51% to Rs. 330.55, Jaiprakash Associates Limited rose 3.31% to Rs. 223.25 and Tata Steel Limited 2.52% to Rs. 486.00 among others.
Losers from the BSE Sensex Pack are Mahindra & Mahindra Limited plunged 3.78% to Rs. 697.95 along with State Bank of India Limited fell 2.59% to Rs. 1,860.10, Infosys Technologies Limited by 2.28% to Rs. 1,644.00, ICICI Bank Limited by 1.12% to Rs. 724.25 and Reliance Industries Limited by 0.84% to Rs. 2260.00 among others.
The BSE Consumer Durables is higher by 100.33 points or 3.45% at 3,006.88. Stocks trading in green are Titan Industries Limited 4.95% to Rs. 1,170.00, Blue Star Limited 3.96% to Rs. 310.00, Gitanjali Gems by 2.97% to Rs. 133.50, Videocon Industries Limited 1.86%% to Rs. 186.45 and Rajesh Exports Limited by 0.68% to Rs. 51.90.
DLF Limited grew 0.19% to Rs. 405.50 on reports the Board of Approvals on Special Economic Zones agreed to denotify four zones of the real estate major.
Anu''s Laboratories Limited spurted 3.60% to Rs. 35.95 ahead of a board meeting today, 3 June 2009 to consider issue of bonus shares.
Tata Motors Limited surged 4.78% to Rs. 365.85 after global credit rating agency Moody''s revised upwards outlook on its low investment grade rating from negative to stable.
Jaiprakash Associates Limited rose 3.31% to Rs. 223.25 after cement dispatch jumped 25.7% to 8.07 lakh tons in May 2009 over May 2008.
ACC Limited advanced 3.89% to Rs. 815.00 after cement dispatch surged 4.88% to 9.25 million tons during the period from January-May 2009 over the January-May 2008 period.
HEG Limited fell 1.07% to Rs. 190.05 despite the company said it had repurchased foreign currency convertible bonds worth $3 million.
Shri Lakshmi cotsyn Limited advanced 4.94% to Rs. 65.90 after the company said its board of directors will meet on 9 June 2009 to consider capital expenditure of Rs. 1200 crore for various projects.
Flawless Diamond India Limited galloped 3.89% at Rs. 37.40 after the company bagged two overseas orders aggregating Rs. 33.60 crore.
Essar Oil Limited zoomed by 5.75% to Rs. 176.65 on reports company has decided to raise around $500 million by way of qualified institutional placement route as part of a $2 billion fund-raising program.
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