RTTNews - Thursday, the Indian market is trading higher for the third straight session, spurred by strong global cues amid better-than-expected U.S. corporate earnings and encouraging economic data from China. The resumption of FII buying has also helped lift sentiment. Traders await the inflation report scheduled to be released around noon today.
The BSE Sensex opened higher at 14,352 and has been trading in a narrow range of 14,493-14,346. The index is now trading at 14,368, up 115 points or 0.81% and the S&P CNX Nifty is trading at 4,269, up 0.83%. The small-cap and the mid-cap indexes on the BSE are up over 2% each and stocks across the sectors are trading in the green, with consumer durable, auto, realty and capital good stocks leading the gainers.
Among the top gainers, Tata Motors is up over 5%, Tata Steel is rising 4.64%, Reliance Communication is rising 3.34% and Mahindra & Mahindra, Larsen & Toubro, Hindalco, Tata Power, Bharti Airtel and ICICI Bank are up over 2% each.
On the other hand, Sterlite Industries is tumbling 5.31%, Sun Pharma is down 1.40% and TCS is losing 0.95%. Hindustan Unilever, HDFC, ITC, HDFC Bank and ONGC are also trading in the red.
Dabur India is up 1.97% on reports that it is looking for acquisition of more companies and brands following the recent acquisition of Fem Care Pharma for over Rs.250 crore. Larsen & Toubro is gaining 2.20% and Bajaj Auto is adding over 4% ahead of the announcement of their June quarter results.
Tata Teleservices is rising nearly 2% on reports that it is in discussions to pick up a majority stake in international mobile roaming service provider Matrix Cellular. Suzlon Energy is advancing 3.24% after its German subsidiary REpower Systems won an order to supply turbines for a U.K. offshore wind farm to be build by Sweden's Vattenfall.
Mahindra Holidays is trading at Rs.327 on its debut on the stock exchanges. The company issued shares to the public at Rs. 300 a share and the issue was subscribed nearly 10 times.
Kingfisher Airlines is up 2.82%, Jet Airways is adding 3.02% and Spice Jet is jumping over 4% after state-run oil-marketing companies slashed ATF prices by 5.7 percent on easing crude oil prices.
IDBI Bank is up 1.40% after it reported an 8% rise in its June-quarter net profit. The bank is likely to raise funds through a rights issue by the end of FY10 to enhance its capital and fund its branch expansion plans, reports suggest.
PTC India is up 1.39% on reports that its investment and financing arm PTC India Financial Services will raise over Rs. 400 crore through an initial public offering. Tata Motors is up 5.32% on reports that its Pantnagar plant has despatched the first batch of 50 Nano cars for Hyderabad.
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