RTTNews - The Indian market is trading firm on Monday, helped by sustained buying by foreign funds on the back of a slew of solid earnings announced by top blue chip companies. Auto, metal and oil/gas stocks are leading the market higher, while FMCG stocks are trading in the red on concerns about the progress of monsoon rains.
The BSE Sensex opened higher at 15,694 and has been trading in a narrow range. The index is now trading near the day's high at 15,721, up 51 points or 0.33% from its previous close. The S&P CNX Nifty is trading at 4,654, up 0.39%.
On the BSE, the small-cap index is up 0.57% and the mid-cap index is moving up 0.90%. The market breadth is fairly positive, with 1149 gainers compared to 709 decliners.
Among the top gainers, Sterlite and Hindalco are up nearly 3% each, Reliance Communication is rising 1.94%, Tata Motors is up 1.77%, Reliance Industries is gaining 1.37% and TCS is adding 1.37%.
Tata Steel, Mahindra & Mahindra, Maruti Suzuki, Bharti Airtel, Hero Honda Motors, BHEL, Larsen & Toubro, Tata Power, Wipro and ACC are the other prominent gainers.
On the other hand, Hindustan Lever, DLF, Jaiprakash Associates, HDFC Bank, Reliance Infrastructure, ITC, ICICI Bank, HDFC, Grasim Industries, Sun Pharma and ONGC are trading in the red.
Unitech is down 1.05% after it reported a 63% year-over-year drop in its June-quarter consolidated net profit. According to reports, the company plans to raise Rs.1,000 crore through another round of institutional share placement.
State-run MTNL is losing 2.29% after it reported a net loss of Rs 46.84 crore in the first quarter ended June compared to a net profit of Rs 112.53 crore in the year-ago period. Indian Hotels is down 1.61% after it announced a 73% year-over-year fall in its June-quarter net profit.
Hindustan Zinc is rising over 2% after it raised prices of zinc and lead to match global rates. Unity Infraprojects is up 1.18% after bagging a contract worth Rs 72 crore from CPWD, New Delhi.
Auto stocks rose after reporting robust sales in July. Maruti Suzuki is up 1.40%, Mahindra & Mahindra is rising 1.32%, Hero Honda Motors is edging up 0.90% and TVS Motors is up nearly 3%.
All major private airlines on Sunday called off a strike planned for August 18 in view of the agitated public sentiments and potential inconvenience to thousands of travelling public after the government expressed its willingness to enter into a dialogue to address their grievances. Kingfisher is down 0.58%, Jet Airways is losing 1.42% and Spice Jet is down 2.61%.
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