Friday, the Indian market is trading firm, mirroring gains in the overseas markets after snapping an 8-day rally in the previous session due to profit taking. Stocks across the sectors are firming up, but defensive FMCG stocks are trading in the red. Realty, metal and banking stocks are leading the bounce back.
Among the major gainers, Jaiprakash Associates is jumping 5.63%, Reliance Infrastructure is rising 4.83%, DLF and Tata Motors are gaining around 4.60%, Tata Steel is adding 4.27% and State Bank of India is up 3.92%.
Mahindra & Mahindra, Larsen & Toubro, Sterlite Industries, Hindalco Industries, Wipro, ICICI Bank, Infosys, Reliance Communication and HDFC Bank are the other prominent gainers. However, ITC and Sun Pharma are trading in the red.
The BSE Sensex opened higher at 11,067 and rose to a high of 11,138 before paring some of its early gains. The index is now trading at 11,106, up 159 points or 1.45% over the previous close. Meanwhile, the S&P CNX Nifty is trading at 3,411, up 1.23%.
Second-line stocks are outperforming the benchmarks. While the broad-based BSE 500 index is up 1.78%, the small-cap index is rising 1.98% and the mid-cap index is gaining 2.53%. On the BSE, the market breadth is extremely positive, with 1179 advancers compared to 451 stocks that are declining.
AREVA T&D India is rising nearly 4% on receiving a prestigious order for two 500 MVA power transformers from Power Grid Corporation of India. AstraZeneca India is down 0.91% despite reports that it has launched Crestor (rosuvastatin) 5, 10, 20 and 40 mg tablets.
Container Corporation of India is down 0.32% after the company's net profit for the March quarter dropped to Rs.187.66 crore from Rs.202.98 crore in the corresponding period last year.
United Spirits is adding 3.70% on reports that private equity firm Kohlberg Kravis Roberts is in talks with the company for acquiring a minority stake. Glenmark Pharma is gaining 3.67% after its subsidiary Glenmark Generics received the final approval to market Amlodipine Besylate tablets from the USFDA.
Shakti Pumps India is up 2.29% after the company proposed to issue share warrants on a preferential basis. Raj Television is up 1.77% even as it reported a net loss of Rs.3.08 crore in the March quarter compared to a net loss of Rs.0.34 crore in the same quarter last year.
Tata Communications is up nearly 3% after it has joined an international consortium to build a $600-million 14,000 km-long West African cable system for linking countries in Southern and Western Africa and Europe.
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