RTTNews - Friday, the Indian market is trading firm following favorable global cues after solid economic data in the U.S. rekindled hopes the recession in the world's largest economy is moderating. Traders await the April industrial production report. According to various estimates, industrial production may show a modest 0.2-0.3% year-over-year contraction in April.
The BSE Sensex opened higher and rose further in early trading amid some choppy trading. The index is now trading near the day's high at 15,516, up 105 points or 0.67% from its previous close and the S&P CNX Nifty is trading at 4,664, up 0.56%. The small-cap and the mid-cap indexes on the BSE are trading up around 1% each and the market breadth is slightly positive, with 1163 advancers compared to 921 decliners. Sector-wise, stocks across the sectors, with the exception of auto stocks, are trading in positive territory. Metal, power and capital good stocks are leading the gainers.
Among the major gainers, Reliance Infrastructure is gaining 3.48%, ICICI Bank is adding 2.90%, Jaiprakash Associates is up 2.84% and Sterlite Industries is rising 2.84%. Tata Steel, Tata Power, Reliance Industries, ITC, BHEL, ACC, TCS, Larsen & Toubro, Hindalco and DLF are the other prominent gainers.
On the other hand, Mahindra & Mahindra, ONGC, HDFC Bank, Hindustan Unilever, Wipro, Grasim, Maruti Suzuki, Sun Pharma, Bharti Airtel, HDFC and Tata Motors are trading in the red.
Satyam Computers is down 1.55% on profit taking after its chairman reportedly said the company is under stress and the near-term revenue outlook is not great.
Tech Mahindra is losing 1.93% after the company said that it will not hike the offer price for Satyam. If it doesn't get adequate response for the open offer at Rs.58 per share, the company is likely to increase its stake in Satyam to 42% through a preferential share placement.
Religare Enterprises is up a modest 0.33% after it tied up with state-run lender Andhra Bank for providing internet trading services to the bank's customers. Everonn Systems is up 4.08% after reporting better-than-expected earnings for the FY09.
NTPC is gaining 0.58% and BHEL is adding 1.30% after they have joined hands to set up a major power projects equipment manufacturing unit in Andhra Pradesh. Maruti Suzuki India plans to tap new markets for exports. The stock is down 0.79%.
Among telecom stocks, GSM players Bharti Airtel is down 0.77%, while Idea Cellular is up 1.89% after the Cellular Association of India released subscriber addition data for May. Tata Teleservices is rising 2.86% and RCOM is up 0.29%.
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