RTTNews - Shrugging off mixed global cues, the Indian market is trading higher on Wednesday after a 2% fall in the previous session. Stocks across the sectors with the exception of consumer durable stocks are trading higher. Capital goods, realty, FMCG, auto and healthcare are leading the gainers.
The BSE Sensex opened higher at 14,506 and rose further in early trading. The index is now trading near the day's high at 14,616, up 123 points or 0.85%, while the S&P CNX Nifty is trading at 4,330, up 0.91%.
The broad-based BSE 500 index is up 0.88%, the mid-cap index is rising 0.93% and the small-cap index is adding 0.57%. The market breadth on the BSE is fairly positive, with 950 advances compared to 754 stocks that are declining.
Among the major gainers, Tata Motors is rising 3.07% and Sterlite and Hindustan Unilever are up over 2% each. Reliance Infrastructure, Mahindra & Mahindra, Larsen & Toubro, DLF, Jaiprakash Associates, Sun Pharma, Reliance Communication and Tata Power are the other prominent gainers.
On the other hand, Hindalco, ACC, ONGC, TCS, Tata Steel and Hero Honda Motors are trading in the red.
Unitech is up 1.01% after its authorized committee of the board of directors approved the issue of 344,361,112 equity shares at a price of Rs. 81 each to qualified institutional buyers. Larsen & Toubro is rising 1.64% after it bagged new orders worth Rs 651 crore for projects in the hydrocarbon sector.
Reliance Industries is up a modest 0.48% after it reportedly wrote to RNRL that it would not sign any agreement on the gas supply issue without the government's approval. Meanwhile, RNRL is trading down 1.19%. Hindalco is tumbling over 3% after its net profit declined 22% for FY09.
Indian Oil Corp is up 0.55% on reports that it plans to invest Rs.60,000 crore to ramp up its capacity by over 30 percent in two years. Fortis Healthcare is losing 1.73% on reports that it will raise Rs.1,000 crore through a rights issue by the first week of August to fund its expansion plans.
IOB is adding 1.85% after it slashed its benchmark prime lending rate by 50 basis points. Hindustan Construction Company is up 0.58% after its board approved the issuance of up to 47,000,000 equity shares to qualified institutional buyers at a price of Rs.102.15 per share.
Reliance Infrastructure is gaining 1.74% after it won IT consultancy projects for the all five electricity distribution companies in Karnataka. Reliance Power is up 1.85% amid reports that it is in talks with five global power companies to offload a 15% stake in the company.
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