RTTNews - Friday, the Indian market is trading firm on bargain hunting after retreating around 2% in the previous two sessions. Favorable global cues and reports showing improvement in business confidence have also added to the positive momentum.
The BSE Sensex opened higher at 11,949 and rose further in early trading. The index is now trading near the day's high at 12,043, up 170 points or 1.43% and the S&P CNX Nifty is trading at 3,641, up 1.33%. Meanwhile the small-cap index and the mid-cap indexes on the BSE are also rising around 1.80% each. The market breadth is extremely positive, with 1226 advancers compared to 351 stocks that are declining.
Stocks across the sectors are trading in the green. Realty, metal, capital goods and banking stocks are leading the bounce back.
Among the major gainers, Sterlite Industries, Jaiprakash Associates, ICICI Bank, Larsen & Toubro, Tata Steel and DLF are up more than 3% each. HDFC, TCS, State Bank of India, Ranbaxy, Tata Motors and Reliance Infrastructure are the other prominent gainers.
Twenty-eight out of 30 Sensex stocks are trading in positive terrain, while ONGC and Mahindra & Mahindra are trading in the red, down a little less than half a percent each.
State-run BHEL is up 1.94% on bagging a Rs. 1,475 crore order for the main plant package at the upcoming 600 MW Avantha Bhandar Thermal Power Project in Chhattisgarh. Oil explorer Cairn India is rising 1.79% on reports that it would commission production from its Mangala block in Rajasthan by this month-end.
Food manufacturer Nestle India is trading down 0.66% even as it resumed partial production at its factory in the industrial town of Pantnagar in Uttarakhand. National Peroxide is gaining 3.32% after it entered into a gas supply agreement with GAIL (India) for long-term supply of natural gas at its Kalyan plant, with effect from January 2010.
State-owned banker Bank of Maharashtra is climbing 5.26% after reporting a phenomenal 145% rise in its net profit for the fourth quarter ended March. Axis Bank is up 2.68% after the private sector lender slashed its benchmark prime-lending rate by 50 basis points.
Kotak Mahindra Bank is adding 2.68% after it received an in-principle approval from commodity market regulator FMC to be an anchor investor in the Ahmedabad Commodity Exchange.
Dry cell battery manufacturer Eveready Industries is surging up 8.46% after the company inked a term sheet with France based CG Holding to invest up to Euro 10 million in an overseas joint venture/special purpose vehicle. GHCL is jumping nearly 6% after the company bought back FCCBs worth $ 6.1 million.
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