RTTNews - Friday, the Indian market shrugged off weak cues from the overseas markets and bounced back into the green after opening lower this morning. Value buying after sharp losses in the past 2-3 sessions and short covering are keeping the market firm.

After opening lower at 13,664, the BSE Sensex bounced back with in a few minutes. The Sensex is now trading at the day's high of 13,808, up 71 points or 0.52% over the previous close. The S&P CNX Nifty is trading at 4,223, up 0.29%.

Second-line stocks are outperforming the benchmarks. On the BSE, the mid-cap index is rising 1.53% and the small-cap index is up 2.61%. The market breadth is extremely positive, with 1735 advancers compared to 410 stocks that are declining. Sector-wise, realty, capital goods and healthcare stocks are leading the bounce back, but consumer durable, auto and IT stocks are dragging the frontline indexes down.

Among the major gainers, HDFC, Ranbaxy and Reliance Infrastructure are trading up more than 3% each. Reliance Communication is rising 2.58%, NTPC is adding 2.31%, and Larsen & Tourbo is up 2.30%. Reliance Industries, DLF, Jaiprakash Associates, Tata Motors and Hindalco are the other prominent gainers.

However ONGC is losing 2.81%, Grasim is declining 1.68%, TCS is down 1.50% and Mahindra & Mahindra is moving down 1.44%. Tata Power, Sterlite, Wipro, Maruti Suzuki, Sun Pharma and Infosys are the other major losers.

Maytas Infra is rising nearly 5% on reports that ICICI Bank is seeking a representation on the board of the cash-strapped company. Bajaj Auto is up 1.16% following reports about a delay in the launching of an ultra small car in a joint venture agreement with Renault.

TVS Motor is jumping 4.71% after the Madras High Court lifted an order of injunction on manufacturing and marketing 'Flame' bikes using internal combustion (IC) engines with three valves and two spark plugs. Ranbaxy Laboratories is gaining 3.15% on acquiring trademarks, product dossiers and marketing rights from Ochoa Laboratories for its entire range of dermatological and lifestyle products.

Jet Airways is down 0.47% even as reports suggest that the aviation ministry has approved its plans to expand services to West Asia, connecting four Indian cities with Sharjah. SpiceJet is surging up nearly 7% on reports that it could increase its fares marginally on account of an increase in passenger traffic in April.

Aditya Birla Nuvo is up 2.17% amid reports that the Aditya Birla group has drawn up a long-term plan for its insulator business. Jindal Saw is adding 1.42% after its board approved a resolution to allot Rs.27.3 crore warrants to a promoter group firm, Anbeeco Investments.

Housing Development & Infrastructure is up 2.03% after the company proposed to raise funds through various means, including a qualified institutional placement or a share placement with promoters. Reliance Capital is jumping 5.28% on reports that it plans to divest a 26% in its insurance arm Reliance Life Insurance through an initial public offer as well as by inducting a strategic investor.

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