RTTNews - The Indian market is trading modestly higher on Thursday after a 3% loss in the previous session, helped by short covering after the IMF revised upwards India's growth forecast by 0.9% in calendar year 2009 and 2010.
An intra-day recovery in Asian stocks this morning also helped lift sentiment, but investors are taking intermittent profits before the release of May industrial output report on Friday. Bellwether Infosys will also kick start the earnings season on Friday. Traders await the inflation report due later in the day.
The BSE Sensex is moving choppily in a range of 13,879-13720 and is now trading at 13,786, up 16 points or a mere 0.12% from its previous close. The S&P CNX Nifty is trading up 0.17% and the BSE mid-cap index is rising 0.26%, while the small-cap index is trading flat.
Sector-wise, FMCG, metal, oil/gas, healthcare and public sector stocks are receiving buying support, but realty, consumer durable and IT stocks are bearing the brunt of the selling pressure.
Among the major gainers, while Hindalco is rising over 2%, Reliance Industries, Jaiprakash Associates, HDFC Bank, Sun Pharma, Reliance Infrastructure, Hindustan Unilever and HDFC are up over 1% each.
On the other hand, ICICI Bank, Mahindra & Mahindra, Tata Motors, Grasim, DLF, ONGC and BHEL are trading deep in the red.
Mahindra Satyam is rising 3.26% after it received a formal approval from the company law board to issue 19.86 crore shares of Rs.2 at a premium of Rs 56 to Venturbay Consultants Pvt., a subsidiary of Tech Mahindra, on a preferential basis.
Infosys Technologies is down 0.72% ahead of its June quarter results announcement on Friday. SAIL is adding nearly 2% on reports that it has brought down prices of its long products by Rs.1,500-2,000 a tonne from July 1.
Yes Bank is down 0.45% on reports that it will raise $300 million from bonds and share sales in the next 9-12 months to fund business growth and branch expansion plans. ICRA is down 0.24% after its arm IMaCS formed a joint venture with Exsab International Holding, a Jeddah-based investment firm, for setting up a consulting business in the Middle East and North Africa.
Reliance Communication is up 0.67% amid reports that Telecom tribunal TDSAT has dismissed a petition by the company seeking a clarification on its judgment on allocation of additional spectrum and dual technology regime.
Educomp Solutions is surging up over 11% after its board approved raising Rs.607 crore via a qualified institutional share placement. Moser Baer India is tumbling nearly 4% after its net loss for the year ended March widened to Rs 150.88 crore from Rs 78.91 crore last year.
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