MY: Mkts move up further; infra, metal, oil & gas, banking gain
The benchmark indices are witnessing buying interest led by gains in oil & gas, banking, infrastructure, metal and technology stocks. Midcap and smallcap stocks are following the same trend. Positive Asian markets are supporting the markets as well.
At 10:48 hours IST, the Sensex was trading at 9,636, up 170 points and the Nity was at 2,946 up 53 points. Among broader indices, the BSE Midcap and Small Cap indices gained 1.5% each.
Reliance Industries, ONGC, NTPC, SBI, BHEL, Power Grid, ICICI Bank, Bharti Airtel, SAIL, Reliance Communication, L&T, HDFC Bank and HDFC are leading players in today's gain. However, Sun Pharma is under pressure.
Market breadth is in favour of advances due to positive broader indices: about 1,752 shares have advanced while 1,055 shares declined. Nearly 209 shares are unchanged.
BSE Metal, Capital Goods, Bankex, Realty, Power, Oil & Gas and Auto indices went up 2-2.6%. FMCG, IT and Healthcare indices rose 0.6-0.9%.
Among midcap stocks, Spice Communication, TV18, ICI India, Texmaco and Tanla Solutions jumped 6-15%.
Infomedia 18, Sulzer, Temptation Food, Gulf Oil Corp and Kernex Micro shot up 8-16% in the small cap space.
On the global front, Asian markets have moved up further. Shanghai, Hang Seng, Nikkei and Straits Times rose 1-1.9%. Taiwan went up 2.8% and Kospi gained 0.74%.
Markets @ 9:56 am : Mkts bounce back on +ve global cues; rail stocks gain
The benchmark indices have bounced back following good global cues. US markets rebounded smartly on likely plan to subsidize mortgage payments for homeowners. Real estate, infrastructure, oil & gas and metal stocks are on buyers' radar.
At 9:56 am, the Sensex was trading at 9,605, up 136 points and the Nifty was at 2,934, up 41 points. CNX Midcap 100 went up 1%, to 3,482.
DLF, ICICI Bank Power Grid, ABB, Reliance Infrastructure, Zee Entertainment, ONGC, L&T, Tata Steel, Reliance Industries, BHEL and SAIL are gainers in early trade.
Railway stocks like Kalindee Rail Nirman, Texmaco, Stone India, Titagarh Wagons and Kernex Micro jumped over 6%, ahead of Interim Rail Budget.
Maytas Infra locked at 5% upper circuit again, as two local companies are in race to buy the company.
Asian markets are trading higher. Shanghai, Hang Seng, Nikkei and Straits Times went up 1.2-1.9%. Taiwan gained 2.22% and Kospi rose 0.76%.
US markets rebounded nearly 3% from days low in last hour of trade on reports that government is considering a new plan to subsidize mortgage payments for homeowners, which has been the epicenter of the problem. Economic data & results were better than expectation.
Dow Jones ended down 7 points at 7,933, which bounced back 240 points or 3.1% from day’s low of 7,694. Nasdaq was up 11 points, to 1542, which bounced back 47 points or 3.1% from day’s low of 1,495.
Crude oil continued to slide and ended down $2 at below $34 a barrel on Thursday. It is currently trading at USD 34.4 a barrel.
Gold hit $950 in yesterday's trading session, which gained 7.5% in 2009. However, copper declined 1.3% to $3415 a tonne.
Market cues:
Rail budget to be announced today
Stocks to watch - Rail Budget Today
Kalindee Rail
BEML
Texmaco
Titagrah Wagons
Stone India
Kernex Micro
