Wednesday, the Indian market is trading sharply higher on the back of firm global cues following the release of a positive US pending home sales report for December. Additionally, some progress on the US government's economic stimulus plan also served to keep sentiment upbeat.
The BSE Sensex is trading choppily in a range of 9,306-9,226 and is now trading at 9,277, up 127 points or 1.39%, while the S&P CNX Nifty is trading at 2,828, up 1.58%. Stocks across the sectors are receiving good support. Metal, realty, oil/gas and power stocks are the major gainers.
On the BSE, the market breadth is positive, with 871 advancers compared to 608 stocks that are declining. The mid-cap and the small-cap indexes are rising around 0.45% each, while the broad-based BSE 500 index is rising 1.05%.
Among the major gainers, Sterlite Industries is gaining 3.59%, Jaiprakash Associates is adding 3.47%, Reliance Communication is advancing 2.79%, Tata Steel is adding 2.58% and Reliance Infrastructure is up 2.48%.
Tata Motors, ONGC, ACC, Maruti Suzuki, NTPC, Hindalco Industries, ICICI Bank, TCS, Bharti Airtel, Grasim Industries and Reliance Industries are also showing notable gains. All the 30 Sensex stocks are currently trading in positive territory.
IDBI Bank is trading flat amid reports that its housing finance subsidiary, IDBI Homefinance could be merged with the company. Cairn India is up 2.86% on reports that it has received approval from the Rajasthan government for the completion of the remaining part of its 600-kilometre-plus crude oil pipeline in Gujarat.
Henkel India is rising 1.19% following reports that it has asked Mape Advisory Group to find buyers for some of its brands which include Aramusk, Moloy sandalwood soap, Maha Bhringol hair oil and Tuhina skin care cream.
Eicher Motors is surging up 8.73% to Rs.246 after the company's board approved a resolution to buy back around 1,408,969 equity shares of the company at a fixed price of Rs.691.68 per share. PTC India is down 1.36% on reports that it will raise Rs.1, 200 crore by issuing non-convertible debentures and warrants to qualified institutional investors.
Ashapura Minechem is climbing 4.56% following reports that it will invest Rs.4200 crore for setting up an alumna refinery and aluminum smelter in Maharashtra. Omaxe is gaining 0.53% on reports about restructuring of its debt with banks and other lenders.
Reliance Petroleum is adding 1.27% on reports that US oil giant Chevron Corporation could offload its entire stake held in the company. Ion Exchange is climbing nearly 20.0% after it won an order worth Rs.126 crore from a joint venture of NTPC Tamilnadu Energy.
