The market has moved up further on the back of buying in capital goods, power, technology, realty, oil, banking and metal stocks. Midcap and small cap stocks are also on buyers' radar. The Nifty is above 3200 mark and the Sensex is above 10500.
The Sensex jumped 340 points to 10,563 and the Nifty gained 92 points at 3,215, at 11:16 am. The BSE Midcap and Small Cap indices shot up over 1.7% each.
Top gainers are Jaiprakash Associates, Sterlite Industries, Reliance Communication and Reliance Infrastructure. However, losers are M&M, Bharti Airtel, Grasim, Sun Pharma and BPCL.
Market breadth is in favour of advances; about 1652 shares have advanced while 1320 shares have declined. Nearly 216 shares are unchanged.
Reliance Industries, NTPC, ONGC, Infosys, Reliance Communication, L&T, TCS, ICICI Bank, SBI, BHEL, and DLF are top contributors in the gain of indices.
Jaiprakash Associates has jumped nearly 12% after second quarter numbers announcement. Its Q2 net profit increased by 95.2% to Rs 203 crore and net sales went up higher by 34% to Rs 1,182.5 crore. The company has decided to raise an approximately Rs 1800 crore from rights issue for capex plan.
BSE Realty, IT, Power, Capital Goods, Oil and Bankex surged 3.5-5.5%. Metal Index gained nearly 3%.
Markets @ 10:51 am : Mkts trading higher; RIL, ICICI, BHEL, L&T, Infy support
The market is trading higher on account of buying in realty, capital goods, banking, metal, power, technology and few oil stocks. However, selling is seen in selective telecom, auto, FMCG and pharma stocks.
The Sensex surged by 247 points to 10,470 and the Nifty gained 64 points at 3,186, at 10:51 am. BSE Midcap and Small cap indices have jumped over 1% each.
Nilesh Shah of Envision Capital feels the markets are oversold. He said the market is now in a trading range of 9000-11000 but fears a lower trading range soon. He added that the sentiment has been reversed and feels there may be a rally but said this rally would not last for more than 1or 2 sessions. He sees no evidence, neither fundamental nor technical, that suggest the markets have seen the worst and said that concerns on growth are still prevalent in the market.
Market breadth is mixed; about 1494 shares have advanced while 1468 shares have declined. Nearly 226 shares are unchanged.
Top gainers are Jaiprakash Associates, Tata Steel, DLF, Siemens and Cairn India. However, M&M, Grasim, Bharti Airtel and Idea Cellular are losers.
BSE Realty Index gained over 4%. Capital Goods, Power, Bankex, IT and Metal indices rose around 2-3%.
Markets @ 10:14 am : Markets flat; Bharti, ONGC, Idea, SAIL, SBI down
The market has given up early trade gains and is trading flat with some volatility. The opening was higher following positive global cues. DLF, Reliance Communication, Reliance Industries, Cairn India, BHEL, Infosys, ICICI Bank, TCS, Wipro, Sterlite Industries and Satyam are supporting the markets.
However, Bharti Airtel, Idea Cellular, ONGC, SAIL, SBI, M&M, Sun Pharma, and Grasim are dragging indices lower.
At 10:14 am, the Sensex rose 66 points to 10,289 and the Nifty gained 7.80 points at 3,130.
Idea Cellular plunged 11% after disappointing second quarter numbers.
Markets @ 9:57 am : Mkts open higher following positive global cues.
The market has opened higher following positive global cues. Buying is seen in realty, capital goods, technology and metal stocks.
At 9:57 am, the Sensex went up 160 points to 10,383 and the Nifty gained 41 points to 3,164. CNX Midcap 100 rose 50 points to 3,913.
Among the frontliners, ACC, BHEL, TCS, Wipro, Satyam, Sterlite Industries, Reliance Communication, HDFC Bank, DLF, Zee Entertainment and L&T have gained. However, Ambuja Cements, BPCL and Sun Pharma have lost ground.
Idea Cellular plunged 14% after disappointing second quarter numbers.
Asian markets are trading off day's high. Nikkei and Jakarta gained over 2%. Straits Times rose 1.5%. Shanghai and Hang Seng jumped half a percent each. However, Kospi and Taiwan fell half a percent each.
Crude gained for third day on stabililty in equity markets and ahead of OPEC meet. OPEC said that they will make a substantial cut in output in 2 phases. Goldman Sachs said that a cut of 1mlnbpd is not sufficient, which will take prices below $ 60 to a barrel while Merril Lynch said that a cut of 2.5 mln bpd over 12 months would support prices. Crude is trading above USD 75 to a barrel.
The US markets rallied in late trade after another volatile session as investors welcomed positive developments in the credit markets and Fed Chairman Bernanke supporting the idea of a second fiscal stimulus package. The Dow gained 413.21 points, or 4.67%, at 9,265.43. The S&P 500 index advanced 44.85 points, or 4.77%, to 985.40. The Nasdaq composite index added 58.74 points, or 3.43%, to 1,770.03.
Market cues:
SEBI chairman says disapprove of overseas lending/borrowing by FIIs
FIIs net sell USD 215.1 million in equity on October 17: SEBI
MFs net buy Rs 112.7 crore in equity on October 17: SEBI
NSE F&O Open Int up by Rs 1372 crore at Rs 69519 crore
F&O cues:
Futures Open Int up by Rs 1223 crore, Options Open Int up by Rs 149 crore
Nifty Oct futures add 2.7 lakh, Nov futures add 7.5 lakh shares in Open Int
Nifty Open Int Put-Call Ratio (PCR) unchanged at 0.71
Nifty Puts, Calls add 8 lakh shares each in Open Int
