RTTNews - Wednesday, the Indian market is trading firm after opening on a positive note this morning. However, profit taking after recent gains is leading to some volatility.
The BSE Sensex opened higher at 14,903 and rose further to breach the 15,000 mark for the first time in almost nine months. Since then, the index has pared some of its gains and is now trading at 14,983, up 108 points or 0.73% from its previous close. Meanwhile, the S&P CNX Nifty is trading at 4,559, up 0.75%.
Sector-wise, consumer durable, FMCG, healthcare and metal stocks are witnessing sharp gains. Second-line stocks are outperforming the benchmarks, with the mid-cap index on the BSE rising 1.49% and the small-cap index gaining more than 2%. The market breadth is extremely positive, with 1745 advancers compared to 508 stocks that are declining.
Among the top gainers, Tata Motors is jumping 6.14%, Hindalco is rising 3.47%, ITC is adding 2.9%, Reliance Communication is up 2.83% and Jaiprakash Associates is up 2.55%. ACC, Grasim, Tata Steel, Tata Power, Sterlite, Ranbaxy, BHEL, Reliance Infrastructure, and Bharti are the other major gainers.
On the other hand, State Bank of India, Mahindra & Mahindra, ONGC, Maruti Suzuki and Larsen & Toubro are trading in the red.
GMR Infrastructure is up 0.98% on reports that it will invest Rs.20 billion in the next 2-3 years for developing road projects through its road construction division GMR Highways. Parsvnath Developers is adding 1.15% on reports that it will raise Rs.500-750 crore through private placements of shares by the end of this month.
SAIL is up a modest 0.11% on reporting a 12% growth in May steel sales compared to the year-ago period. Bajaj Auto is gaining 1.13% after it reported an 8.13% drop in motorcycle sales in May to 1,65,049 units compared to 1,79,649 units in the same month last year.
Aptech is jumping 7.16% after it successfully completed the process of sale of its 50% equity interest in a China joint venture company. It has also been allotted a 22% stake in the Chinese holding firm, Beijing Jadebird IT Education Company.
Godfrey Phillips is rising 3.21% after U.S. tobacco firm Philip Morris International Inc agreed to sell its 10.83% stake in Godfrey Phillips to K K Modi Investment & Financial Services. HEG is up 2.55% on buying back foreign currency convertible bonds worth $3 million out of the total outstanding of $11.05 million.
Manugraph India is losing 4.53% after it suspended operations at Unit II in Kolhapur and also reduced its operations at Unit I substantially in consonance with the orders in hand and to reduce the piling of inventory. State Bank of India is down 1.10% on reports that it could raise up to Rs.280 billion from bonds to boost capital and fund growth during the current fiscal year.
Great Offshore is jumping nearly 6% to Rs.385 after shipbuilder Bharati Shipyard set an open offer price of Rs.344 per share for acquiring another 20% equity stake in the offshore service company. Bharati Shipyard is also trading up 4.78%.
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