RTTNews - Friday, the Indian market is trading firm ahead of the weekend, helped by advances in overseas markets on hopes the global recession was moderating. However, the market is showing volatility due to intermittent profit taking.

The BSE Sensex opened higher at 15,040 and rose further to 15,145 before paring most of its early gains. The index is now trading at 15,030, up 22 points or 0.14% and the S&P CNX Nifty is trading at 4,575, up a modest 0.06%.

On the BSE, the mid-cap index is up 0.47% and the small-cap index is rising 0.57%. The market breadth is positive, with 1582 advancers compared to 679 stocks that are declining.

Sector-wise, while consumer durable, IT, auto, and public sector stocks are leading the gainers, defensive FMCG stocks are coming under selling pressure. Banking stocks are also trading firm amid gains among their peers in the other Asian markets after several brokerages upgraded the rating on U.S. financial companies. Metals stocks are showing modest gains following a sharp surge in commodity prices.

Among the major gainers, Tata Power is rising 3.88%, Hindalco is gaining 3.12%, Mahindra & Mahindra is adding 2.95%, Infosys is advancing 2.46% and ICICI Bank is up 2.42%. Maruti Suzuki, Sun Pharma, Sterlite Industries, BHEL, Reliance Communication, ACC, HDFC Bank and Ranbaxy are the other prominent gainers.

On the other hand, ITC is tumbling 5.93%, Reliance Infrastructure is losing 1.21%, SBI is declining 1.07%, Reliance Industries is down 0.30%, Jaiprakash Associates is edging down 0.26% and Bharti Airtel is slipping 0.02%.

Oil-explorer Cairn India is rising 4.47% and ONGC is up 0.53% after Goldman Sachs raised its end-2009 oil price forecast price to $85 a barrel.

Bajaj Auto is gaining 1.65% on the news that it will launch the fastest motorcycle Pulsar in June 2009. JSW Steel is down 0.67% despite reporting 33% growth crude steel production in May.

Jain Irrigation is up 1.29% on bagging a Rs.778 million order from the World Bank for an irrigation project in the southern state of TamilNadu. GMR Infrastructure is up nearly 3% after its consolidated net profit for the March quarter rose modestly to Rs.53.24 crore from Rs.50.02 crore in the same quarter last year.

Nitin Fire Protection is adding 3.14% after its board decided to raise $50 million through QIP / FCCB / GDR / preferential allotment. Dewan Housing Finance is up 3.71% after its board decided to raise Rs.300 crore through qualified institutional share placement.

Union Bank of India is up 0.55% and Bank of India is adding 1.02% after the MCX Stock Exchange, promoted by Financial Technologies (India), said that it has divested a 6.48% stake in the exchange to these banks for Rs.87.5 crore. Financial Technologies is also trading up 4.46%.

Pyramid Saimira and PVR are trading up nearly 5% each on reports that a standoff between multiplex operators and productions houses has came a step closer to resolution on Thursday night.

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