Monday, the Indian market is trading firm after opening almost flat this morning. After showing some choppiness in early trading, the benchmarks have risen significantly in the past few minutes. While realty, metal and capital good stocks are leading the rally, FMCG and IT stocks are showing modest gains. Second-line stocks are outperforming the benchmarks.
The BSE Sensex is now trading at the day's high of 11,168, up 146 points or 1.32% over the previous close and the S&P CNX Nifty is trading at 3,428, up 1.29%. The BSE mid-cap and the small-cap indexes are rising more than 2% each. The market breadth is extremely positive, with 1223 advancers compared to 428 stocks that are declining.
Among the major gainers, Reliance Infrastructure is rising 3.40%, DLF is gaining 2.88%, Jaiprakash Associates is adding 2.60% and Larsen & Toubro is up 2.27%. Sterlite Industries, Tata Steel, Tata Motors, Reliance Communication, Mahindra & Mahindra, Wipro and Reliance Industries are the other major gainers.
However, Hindustan Unilever, NTPC, Infosys, Bharti Airtel and HDFC are trading in the red.
Cipla is losing 2.52% on reports that the USFDA has found nine deviations in the company's manufacturing process during a recent inspection of its Bangalore plant. Reliance Power is jumping nearly 5% on reports that it has achieved financial closure for its 4,000 Mw ultra mega power plant at Sasan, Madhya Pradesh.
Among aviation stocks, Kingfisher is up 6.26%, Jet Airways is rising 5.04% and SpiceJet is gaining 6.03% after Jet Airways and Kingfisher increased the fuel surcharge by up to Rs.300 following a hike in jet fuel prices.
Bajaj Finserv is jumping 7.38% on reports about the formation of a joint venture with German Insurer Allianz. Corporation Bank is adding nearly 2% after it has signed a memorandum of understanding with TVS Motor for financing 'TVS King' (passenger auto-rickshaw).
Tata Motors is advancing 4.04% on reports that it has raked in nearly Rs.15 crore so far through the sale of application forms for the world's cheapest car 'Nano.' Pennar Industries is locked at the 5% upper circuit limit after the company proposed to buy back its own shares.
TCS is up 0.41% ahead of the announcement of its quarterly results for the three months ended March. BEML is rising 3.82% after the company set up an assembly unit in Brazil to make mining, construction, rail and defence equipment.
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