RTTNews - After a subdued start, the Indian market has cut all its early loss and is now trading in positive territory amid some short covering and an intra-day recovery in Asian stocks this morning.
After hitting a low of 14,864 earlier in the session, the BSE Sensex has recouped all its early loss and is now trading at 15,052, up 42 points or 0.28%, while the S&P CNX Nifty is trading at 4,457, up 0.44%. The BSE small-cap index is rising 0.66% and the mid-cap is up nearly 1%. The market breadth is also fairly positive, with 956 gainers versus 877 losers. Stocks across the sectors are trading in the green, with auto, consumer durable and realty stocks leading the market higher.
Among the top gainers, Mahindra & Mahindra is rising 3.42%, TCS is up 2.93%, Maruti Suzuki is gaining 2.21%, Hindustan Unilever is adding 2.07% and Wipro is up 1.57%. Tata Motors, Tata Steel, SBI, Hindalco Industries, DLF, Reliance Infrastructure, Bharti Airtel and Reliance Industries are the other prominent gainers.
However, HDFC is down 2.47%, ITC is losing 2.01%, NTPC is down 1.85% and Hero Honda Motors is down 1.72%. Grasim Industries, Tata Power, ONGC, Larsen & Toubro, ACC, BHEL and HDFC are also trading in the red.
Tata Steel is rising 1.26% on reports that it is actively scouting for coking coal and iron ore mines abroad, including in Brazil and Australia, to ensure raw material security for its European operations. Kinetic Engineering is up nearly 5% after it bagged a Rs.20 crore contract for Nano project and an additional order worth Rs 40 crore from a leading automotive manufacturer in Europe.
Dewan Housing Finance is down nearly 1% on reports that it has postponed raising up to Rs.1,000 crore through a non-convertible debenture (NCD) issue due to difficult market conditions. MTNL is down 0.69% on concerns the launch of newer 3G applications would further strain its finances.
SBI is adding 1% on reports that it would start general insurance business by the end of the current fiscal year. BOC India is gaining 2.52% after it signed a long term contract with Jindal Stainless for installation of an air separation unit at one of its plant in Orissa on a hire basis.
Petronet LNG is advancing 3.77% after its signed a multi-billion dollar agreement with ExxonMobil to source 1.5 million tonnes per year of gas for 20 years from the proposed Gorgon LNG project in Western Australia.
Sterlite Industries is down 0.32% after it raised its bid for acquiring copper miner Asarco to $1.58 billion from $1.1 billion. Fortis Healthcare is adding 2.67% after the company fixed Rs.997 as the issue price for a 2: 5 rights issue.
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