RTTNews - Wednesday, the Indian market is trading firm on the back of consistent buying by foreign funds, shrugging off concerns about stretched valuations and a possible correction before the announcement of general budget on July 3. Favorable global cues are also keeping investor sentiment upbeat.
The BSE Sensex opened higher at 15,168 and rose further in early trading. The index is now trading at the day's high of 15,514, up 387 points or 2.56% from its previous close and the S&P CNX Nifty is trading at 4,669, up 2.60%.
Second-line stocks are also moving up sharply and the market breadth on the BSE is extremely positive, with 1628 advancers compared to 541 stocks that are declining.
Stocks across the sectors are trading higher. The metal index is up 4.05%, the consumer durable, capital good and power indexes are up over 3% each and the realty, auto and oil/gas indexes are up over 2% each, while the IT index is trading up a modest 0.17%.
Reliance Infrastructure(up 7.46%), Tata Power(up 6.81%), Sterlite(up 5.88%), HDFC Bank(up 5.84%), Larsen & Toubro(up 5.41%), Ranbaxy(up 4.86%), Tata Steel(up 4.44%), Hindalco(up 4.00%), NTPC(up 3.92%) and Tata Motors(up 3.24%) are the top gainers.
On the other hand, TCS is losing 1.49%, Infosys is down 0.75% and Sun Pharma is slipping 0.29%.
Dr. Reddy's Laboratories is rising 4.72% after the U.S. Food and Drug Administration granted approval for its abbreviated new drug application Omeprazole Mg used for the treatment of heartburn. Shri Lakshmi Cotsyn is up 2.11% after its board approved spending Rs.1,200 crore on various expansion projects, the funds for which would be met through a mix of debt and equity.
Indage Vintners is up a modest 0.53% after its board approved a resolution to raise around Rs.200 crore by way of issue of equity shares and convertible equity share warrants through various means. GMR Infrastructure is gaining 2.47% after its shareholders gave their nod to raise Rs 5,000 crore through the issue of new shares or any other financial instruments on a preferential basis.
Spice Mobiles is locked at the 5% upper circuit limit on reports that it is looking at Rs.1,000 crore revenue this fiscal year, as it focuses on launching feature-rich handsets in the Rs.2,000-6,000 mid-cost category. Man Industries is up 2.92% amid reports that GAIL has instructed the company to revise its bid downwards for the Dahej-Vijapur pipeline project.
NTPC is adding 4.25% on reports that it has opposed paying marketing margin on natural gas bought from Reliance Industries and wants to use gas supplied to it at plants other than Kawas and Gandhar, which were originally identified by the government. Jaiprakash Associates is up 2.03% on reports that it plans to raise Rs 2500-3000 crore through sale of equity.
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