Tuesday, the Indian market is trading in the green after paring some of its initial gains. While higher US index futures and a positive trend in the rest of the Asian markets helped the market open higher, the market is moving sideways due to profit taking.
After opening higher at 9,633, the BSE Sensex rose to a high of 9,739 before paring some of its early gains. The index is now trading off the day's high at 9,598, up 29 points or 0.31%, while the S&P CNX Nifty is trading at 2,995, up 0.56%. The broad-based BSE 500 index and the small-cap and the mid-cap indexes are also up around 0.40% each.
Among the major gainers, Tata Motors and Jaiprakash Associates are rising more than 3% each, Tata Steel is up nearly 2.5%, Ranbaxy, BHEL and Larsen & Toubro are up around 2% each, TCS is rising 1.98% and ACC is moving up 1.83%.
Reliance Infrastructure, Tata Power, Wipro, Reliance Industries, ONGC and ITC are the other prominent gainers. However, ICICI Bank is losing 4.13%, Sterlite Industries is down 2.47% and DLF is declining 1.93%. HDFC Bank, Hindalco, State Bank of India and Hindustan Lever are also trading in the red.
Reliance Industries is rising 1.85% following reports that it has shut down crude oil production at KG-D6 block to attach more wells to increase the output to a peak of 40,000 barrels per day. Areva T&D is jumping more than 5% after the company said it will start operations at its eight new manufacturing facilities in India this week.
Tata Power is gaining 1.70% after its strategic electronics division (SED) bagged a Rs.182-crore order from Bharat Electronics to manufacture 16 Akash Launchers to be delivered in the next 33 months.
DLF is down 0.72% on reports that the company will divest its non-core windmill power generation business to raise resources for a more related business. Bharat Electronics is adding 1.45% after it signed an agreement with Bharat Heavy Electricals to jointly set up a company for solar photo voltaic cell business.
Zandu Pharmaceutical Works is up 0.89% after it has formed a committee of five directors to weigh options on merging the company with Emami, the Kolkata-based consumer goods maker, and its subsidiaries. On the other hand, Emami is losing 1.36%.
Commercial vehicle manufacturers namely, Ashok Leyland, Tata Motors and Eicher Motors are trading sharply higher on reports that the government could extend higher depreciation benefit on commercial vehicles until June 2009.
Oil-marketing companies such as HPCL is up nearly 1%, BPCL is gaining 2.20% and IOC is adding 1.88% following reports that they will hike aviation turbine fuel prices by at least 15 percent very soon. Jet Airways is losing 4.60% on reports that it may further reduce capacity on international routes by 8-10 per cent.
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