RTTNews - After three days of losses, the Indian market is seeing some buying interest, helped by favorable Asian cues, especially a more than 3% surge in China's Shanghai Composite index this morning. Bargain hunting at lower levels following an almost 3% loss in the past three sessions also offered some support.
However, trading remains choppy due to intermittent profit taking. Traders await a report on wholesale prices due later in the session.
The BSE Sensex opened higher at 15,539 and rose to a high of 15,598 before slipping into the red for a while. Currently, the Sensex is showing a modest 0.16% gain at 15,493 and the S&P CNX Nifty is trading at 4,620, up 0.26%.
On the BSE, the mid-cap and the small-cap indexes are up over 1% each, outperforming large-caps. The market breadth is also extremely positive, with 1295 gainers versus 641 losers.
Notable gains in consumer durable, realty, metal and auto stocks are helping the market bounce back, while IT and FMCG stocks are trading subdued.
Among the top gainers, Reliance Communication is rising 3.73%, Sterlite Industries is gaining 2.18%, Tata Motors is up 1.36%, Jaiprakash Associates is adding 1.27% and DLF is up 1.10%.
Reliance Infrastructure, Tata Steel, Maruti Suzuki, Hero Honda Motors, SBI and Hindalco Industries are the other prominent gainers.
On the other hand, Wipro, Tata Power, ITC, Infosys, HDFC Bank, NTPC, BHEL, HDFC, ONGC, Larsen & Toubro and Bharti Airtel are trading in the red.
NTPC is down 0.51% on reports it may challenge an unfavorable Bombay high court verdict in the ongoing legal dispute with Reliance Industries. CESC is down a modest 0.11% on reports it may reschedule its upcoming power projects.
MTNL is rising 1.18% following reports that it has submitted a bid to acquire a 75 percent stake in Nigerian government-owned company Nigerian Telecommunications.
Allahabad Bank is down 0.50% on reports it is widening the operations of its financial services subsidiary, AllBank Finance. Shree Cement is down 0.60% despite reporting a 30% rise in its August cement shipments.
Sugar stocks are trading mixed amid reports the government may remove limits on import of white sugar to augment supplies and curb domestic prices.
Aviation stocks are trading firm on reports domestic airlines may raise airfares by 10% in September. Kingfisher, Jet Airways and SpiceJet are trading up around 1% each.
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