RTTNews - Friday, the Indian market is extending its last two days' strong gains on the back of advances across the U.S. and Asia. Stocks across the sectors are rising sharply, with realty, consumer durable, capital good and metal stocks in the forefront.
On the BSE, the benchmarks for second-line stocks, the small-cap and the mid-cap indexes are outperforming the benchmarks and the market breadth is extremely positive. GDP report for the fourth quarter scheduled to be released later in the day may influence market movement for the day.
The BSE Sensex opened higher at 14,320 and rose further in early trading. The Sensex is now trading near the day's high at 14,472, up 176 points or 1.23% from its previous close. Meanwhile, the S&P CNX Nifty is trading at 4,389, up 1.21%.
Among the major gainers, ACC is trading up 5.10%, Mahindra & Mahindra is rising 4.57%, Jaiprakash Associates is moving up 3.55%, Reliance Communication is gaining 3.41%, Grasim is adding 2.77% and Bharti Airtel is up 2.34%. TCS, Tata Power, Reliance Infrastructure, Larsen & Toubro, Ranbaxy, Tata Motors and Tata Steel are the other prominent gainers.
On the other hand, Sun Pharma is losing 1.39%, Maruti Suzuki is declining 0.59% and Sterlite Industries is edging down 0.35%.
Religare Enterprises is up 1.35% after its board decided to sign an agreement with Maharishi Housing Development Finance Corporation for foray into the home finance business. Siemens is rising 2.47% on news that it will invest Rs.275 crore to expand its steam turbine facility at Vadodara.
Reliance Power is gaining 2.08% on reports that it is negotiating with Australian mining firms BHP Billiton and Rio Tinto to set up a coal mining joint venture. GMR Infrastructure is adding nearly 2% after the company-led consortium bagged an order from National Highways Authority of India (NHAI) for a 181 km road project in Andhra Pradesh.
Tata Power is up 1.96% on reporting a 58% rise in its fourth-quarter net profit. Gujarat Mineral Development Corporation (GMDC) is rallying more than 4% on reporting a 11% rise in its net profit for the March quarter.
Zandu Pharmaceutical Works is up 1.92% on reporting a more than seven-fold increase in its net profit to Rs.7.97 crore for the fourth quarter ended March. DLF is rising 1.61% after its promoters denied stake sale reports to institutional investors. NTPC is up 1.13% on reports that it is planning to add a capacity of over 6,000 MW in the southern region in the coming years.
Atul Auto is up 4.85% after it launched its new series of three-wheeler Rickshaw under the brand name 'ATUL GEM' with two variants. Energy Development Company is adding 2.64% after EDCL Power Projects became its wholly owned subsidiary.
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