RTTNews - Thursday, the Indian market is trading firm on the last day of the June F&O series settlement, shrugging off concerns about a below normal monsoon for the first time in four years.
Helped by favorable global cues, the BSE Sensex opened higher at 14,476 and rose to a high of 14,578 in early trading. Since then, the index has pared some of its gains and is now trading at 14,507, up 98 points or 0.68%, while the S&P CNX Nifty is trading at 4,305, up a modest 0.27%.
On the BSE, the small-cap and the mid-cap indexes are trading up over 1% each and the market breadth is positive, with 1245 advancers compared to 379 stocks that are declining.
Among the top gainers, Jaiprakash Associates is rising 3.05%, DLF, ICICI Bank, Sterlite, TCS and RCOM are up over 2% each, Grasim and Hindalco are up around 1.80% each and Bharti Airtel is up 1.40%. Tata Power, HDFC, Larsen & Toubro, Ranbaxy, HDFC Bank and Infosys are the other prominent gainers.
On the other hand, Tata Steel, ONGC, NTPC, Hindustan Unilever, Mahindra & Mahindra, Tata Motors, Maruti Suzuki and SBI are trading in the red. Sector-wise, realty, IT and capital good stocks are leading the gainers, while defensive FMCG and oil/gas stocks are trading modestly lower.
State Bank of India is up a modest 0.15% after it cut its benchmark prime lending rate by 50 basis points with effect from June 29. ONGC is losing nearly 2% after it reported a 16% drop in its March quarter net profit.
Reliance Communications is rising 2% on reports that it is in advanced talks with Hyderabad-based Apalya Technologies to offer 35 television channels for its GSM users. Tata Teleservices is jumping nearly 5% after it launched GSM operations in Tamilnadu in partnership with Japanese telecom major NTT DoCoMo.
Unitech is up 5% after it announced better-than-expected profit for the March quarter. Tata Steel is down 1.83% ahead of the announcement of its financial results later in the day.
Sun TV Network is adding 1.87% amid reports that it has allowed Mauritius-based South Asia Multimedia Technologies, an investment arm of Malaysia's Astro group, to raise its stake in its FM unit by 13.02 percent.
Punj Lloyd is up 3% after is board approved raising of funds through the issue of appropriate securities for an amount up to Rs.1,500 crore. Peninsula Land is jumping 4% after its board approved raising up to Rs.750 crore through a qualified institutional share placement or an overseas issue.
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