RTTNews - Monday, defying the week Asian cues, the Indian market is trading higher in early trading. Investors await the announcement of Union budget due later in the day. While stocks across the sectors are trading higher, realty, power, capital goods and public sector stocks are leading the gainers on sector-specific sops expected from the budget.
The BSE Sensex opened higher at 14,962 and rose to a high of 15,041 thus far during the day. After paring some of its early gains, the index is now trading at 14,988, up 75 points or 0.50%, while the S&P CNX Nifty is trading at 4,445, up 0.47%. The BSE small-cap and the mid-cap indexes are trading up around 1% each.
Among the top gainers, DLF is rising 4.64%, Larsen & Toubro and Jaiprakash Associates are up over 2% each, Reliance Infrastructure is up 1.81% and SBI is adding 1.26%. NTPC, ICICI Bank, BHEL, Tata Motors, Reliance Communication, Sun Pharma and Reliance Industries are the other prominent gainers.
On the other hand, Tata Steel, ACC, ONGC, Sterlite, Maruti Suzuki, Hindustan Unilever, Infosys, Bharti Airtel, HDFC Bank and Grasim are trading in the red.
Reliance Capital is up a modest 0.96% after it disclosed in the annual report for the fiscal year 2008-09 that it had offloaded an investment worth Rs.129.88 crore in Mukesh Ambani group firm Reliance Industries.
JSW Steel is rising 2.21% after it announced a 45% year-over-year rise in its first quarter output. Ashok Leyland is trading flat after it reported a 44% decline in its total June vehicle sales.
DLF is jumping over 4% on reports that it has raised Rs 1000 crore through sale of land parcels across four cities in the past 4-5 weeks and may indulge in more such deals worth Rs 500 crore in the coming weeks. Bombay Dyeing is adding over 3% despite announcing a 28% drop in its standalone net profit for the quarter ended March.
NTPC is gaining 2.47% after National Power Exchange, a JV Company of NTPC secured an in-principle approval to set up and operate NPEX, the power exchange. SpiceJet is up 3.60% on reports that it is working on fleet acquisition plans and analyzing routes to launch international operations by May next year.
Shriram Transport Finance is down nearly 1% on reports that it plans to raise Rs.1,000 crore through second non-convertible debentures to fund its expansion plans and repay loans. State Bank of Travancore is up 1.20% after it cut its prime lending rate by 50 basis points to 12.25 percent.
For comments and feedback: contact email@example.com