Wednesday, the Indian market is trading higher due to stock-specific buying in realty, banking and IT stocks. After opening flat at 9,442, the BSE Sensex moved sideways in early trading. However, the index has bounced back sharply since then and is now trading at 9,562, up 91 points or 0.96%, while the S&P CNX is trading at 2,957, up 0.63%.
On the BSE, the market breadth is slightly negative, with 766 decliners compared to 739 stocks that are gaining. The broad-based BSE 500 index is rising more than 1%, while the small-cap is gaining 0.28% and the mid-cap index is moving up 0.41%.
Among the major gainers, Jaiprakash Associates is rising 3.18%, DLF is gaining 2.80%, ITC is adding 2.28%, Wipro is moving up 1.98% and Reliance Industries is up 1.83%.
Infosys, Reliance Infrastructure, HDFC Bank, TCS, ICICI Bank and Tata Power are the other major gainers.
However, ONGC, HDFC, Tata Motors and NTPC are trading deep in the red. Hindalco, Ranbaxy, Tata Steel, Bharti Airtel, Mahindra & Mahindra and Sun Pharma are also trading in negative territory.
GMR Infrastructure is rising 3.06% after its board accorded approval for the separation of its construction business into a unit to improve cost management at the projects and add to synergies. Religare Enterprises is losing 1.49% ahead of a board meeting to decide on terms for a proposed rights issue.
3i Infotech is down 0.16% after it launched its office in Riyadh, the capital of the Kingdom of Saudi Arabia (KSA), to provide extra impetus to the banking, financial services and insurance sectors. GAIL is gaining 3.21% on reports that it plans to invest Rs.1, 000 crore in setting up 2,000 CNG dispensing stations on major national highways in the next three years.
Idea Cellular is adding 2.85% on reports that it is currently negotiating inter-connect agreements with international operators for direct routing of calls. The company is also reportedly ramping up its national long distance (NLD) infrastructure to carry more traffic on its networks.
Satyam Computer is declining 2.39% after it submitted the details of competitive bidding process to select a strategic investor to the Securities and Exchange Board of India. Ingersoll-Rand is losing 2.74% even as its board approved buyback of shares.
Firstsource Solutions is jumping nearly 6% following reports that it has reorganized its business into four strategic business units. Albright & Wilson is adding 3.35% after the company introduced a voluntary retirement scheme to make its operations economically viable.
Maruti Suzuki is down 0.14% amid reports that it is aggressively working towards launching new cars and improving the existing ones to compete with Tata Motors' recently unveiled world's cheapest car Nano.
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