RTTNews - The Indian market is trading firm in early trading on Friday after Wall Street extended its upward trend for a fourth day in a row overnight. Positive news flow about monsoon activity and disinvestment in PSUs also helped lift investor sentiment.
The BSE Sensex opened higher at 14,326 and has risen further in early trading. The index is now trading at the day's high of 14,542, up 292 points or 2.05% from the previous close. The S&P CNX Nifty is trading at 4,319, up 2.06%, while the BSE small-cap and the mid-cap indexes are up around 1.9% each.
The market breadth is extremely positive, with 1425 gainers compared to 503 stocks that are declining. Stocks across the sectors are trading in the green, with auto, IT, realty, metal, public sector, capital goods and banking stocks leading the rally.
Among the top gainers, Hero Honda Motors, Reliance Infrastructure, Bharti Airtel and Tata Motors are up over 4% each. Mahindra & Mahindra, Jaiprakash Associates, ICICI Bank, DLF, Hindalco, Infosys, Tata Steel, Maruti Suzuki, Larsen & Toubro, SBI and HDFC are the other prominent gainers. Among the Sensex constituents, only Sterlite Industries and Hindustan Lever are trading in the red.
Dewan Housing is rising 1.17% after it received shareholder nod to issue up to 1,00,00,000 equity shares to its promoters on a preferential allotment basis. Maytas Infra is adding 2.48% on reports the secretary of corporate affairs has asked the power secretary to give Maytas various rural electrification projects.
HCL Technologies is up 1.65% after its division HCL Axon entered into a strategic partnership with UCS group for taking over its Enterprise Solutions SAP practice. Era Infra Engineering is gaining 1.02% after it bought back zero coupon convertible bonds worth $3.2 million due in 2012.
Jyothy Laboratories is up a modest 0.65% on saying that its exit from Balaji Telebrands will not have any significant impact on its operations, performance and profitability. PBA Infrastructure is surging up 12.58% after bagging contracts worth Rs 70.80 crore from Mumbai Metropolitan Region Development Authority.
JK Tyre Industries is climbing nearly 12% after its net profit doubled for the June quarter. Hindalco Industries is up 2.65% after it decided to close its wheel plant located at Silvassa having a total capacity of 3 lacs wheels per annum.
JMC Projects India is rising 2.15% after its board decided to issue one new share for every five shares held by its shareholders at a premium of Rs.100 per share. Novartis India is up 0.16% on the back of a 7% rise in its quarterly net profit.
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