RTTNews - The Indian market rose for the second day in a row on Wednesday amid strong global cues and short covering. However, the benchmark indexes, the Sensex and the Nifty are moving sideways on alternate bouts of buying and profit taking after a sharp 3% gain in the previous session.

The BSE Sensex opened higher at 13,917 and rose to a high of 13,985 before paring some of its gains. The index is now trading near the day's low at 13,918, up 64 points or 0.47% and the S&P CNX Nifty is trading at 4,135, up 0.56%.

On the BSE, the small-cap and the mid-cap indexes are up around 1.8% each and the market breadth is extremely positive, with 1328 gainers compared to 414 decliners. Sector-wise, while realty, metal and capital good stocks are leading the gainers, IT and FMCG stocks are trading in the red. Banking, oil/gas and healthcare stocks are showing modest gains.

Among the top gainers, Tata Steel is up 4%, Hindalco is rising 3.87% and DLF, BHEL, Jaiprakash Associates, Bharti Airtel, Sterlite, Reliance Communication, Wipro, Larsen & Toubro and Hero Honda are up over 2% each.

On the other hand, HDFC Bank is losing 1.72%, Infosys is down 1.64%, Maruti Suzuki is declining 1.30% and Hindustan Unilever is down 1.08%. ITC, Sun Pharma, HDFC, Mahindra & Mahindra and Reliance Industries are also trading in the red.

Sterlite Industries is rising 2.43% and Suzlon Energy is rallying over 4% following reports about their fund raising. Jammu & Kashmir Bank advanced 2.47% on the back of a 24% rise in its June-quarter net profit.

State-run oil-marketing companies HPCL and BPCL are trading modestly lower, while IOC is up 0.14% on reports that they may cut jet fuel prices by 5-6% beginning Thursday.

Rallis India is down 0.54% even as its net profit more than doubled to Rs.9.42 crore in the June quarter from Rs.4.23 crore in the corresponding quarter last year. The Tata group company is likely to exit the leather chemicals business, report suggest.

Hindustan Copper, MMTC and NMDC are up around 5% each on reports that these companies could be considered for further disinvestment in the near term. Dena Bank is up 0.96% on reports that is hopeful of receiving Rs 500-crore capital infusion from the government by September.

Adani Enterprises is surging up 8.58% after its unit Adani Power decided to enter the capital market with an initial public offering on July 28.

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