RTTNews - Bargain hunting amid strong global cues lifted the Indian market up over 2% in early trading on Tuesday. Second-line stocks are outperforming large-caps and realty, metal, capital goods, banking , power and consumer durable stocks are leading the gainers.
The BSE Sensex opened higher at 13,549 and has risen to a high of 13,698 so far during the day. The index is now trading at 13,678, up 278 points or 2.07%, while the S&P CNX Nifty is trading at 4,056, up 2.06%.
The small-cap and the mid-cap indexes on the BSE are up over 3% each and the market breadth is extremely positive, with 1281 gainers compared to 357 decliners.
Among the top gainers, Reliance Infrastructure, ICICI Bank and DLF are rising over 5% each, Jaiprakash Associates is jumping 4.15% and Tata Steel is up 3.94%. BHEL, Reliance Communication, Larsen & Toubro, Hindalco, Sterlite, Tata Motors, ACC and HDFC are the other prominent gainers.
Twenty-eight of 30 Sensex stocks are trading in positive territory, while ONGC and Infosys are trading in the red.
Gitanjali Gems is up over 5% after New York-based diamond jewelery maker Diamlink Inc became its step down subsidiary. Motilal Oswal Financial Services is rising 2.70% after reporting a 30% rise in its June quarter net profit.
Firstsource Solutions is rallying nearly 6% after it repurchased and extinguished zero coupon convertible bonds worth $ 5 million due in 2012.Ramco Industries is locked at the 20% upper circuit limit after the company proposed a bonus issue and stock-split of its existing equity shares.
IDBI Bank is up more than 4% despite news that a section of its officers and employees will go on an indefinite strike from July 29. Strides Arcolab is advancing 4.53% on reports the company was exploring stake sales in its businesses that were being spun off into three separate units.
Bharti Airtel is adding 1.23% after it added 2.82 million users in June, little changed from the previous month. Idea Cellular is gaining 3.23% after its subscriber additions rose to 1.61 million in June from 1.3 million in May.
HDFC Bank is up nearly 2% ahead of the announcement of its June quarter results.
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