Wednesday, the Indian market is trading firm taking cues from the US markets overnight. Second-line stocks are outperforming the benchmarks. While stocks are rising across the sectors, realty, banking and metal stocks are leading the bounce- back.
After opening higher at 10,968, the BSE Sensex has showed some choppiness initially due to mixed cues from the other Asian markets. However, the benchmark has recovered considerably since then and is now trading at the day's high of 11,022, up 124 points or 1.13% over the previous close. Likewise, the S&P CNX Nifty is trading at 3,395, up 0.89%. On the BSE, the market breadth is extremely positive, with 1229 advancers compared to 435 stocks that are declining.
Among the top gainers, Wipro is gaining 4.10%, ACC is rising 3.15%, Tata Steel is up 3.03% and ICICI bank is up 2.76%. DLF, Reliance Communication, Jaiprakash Associates, HDFC, Tata Motors, Reliance Infrastructure and Hindalco are the other prominent gainers.
However, Sun Pharma, Bharti Airtel, Maruti Suzuki, NTPC, TCS, BHEL, Hindustan Unilever and Sterlite Industries are trading in the red.
KS Oils is up 0.52% after saying that it is eyeing one billion dollar annual revenue through its Singapore-based subsidiary over the next five years.
Satyam Computers is losing 1.23% after Tech Mahindra said it would begin its open offer for an additional 20 percent stake in Satyam on June 12.
Wipro is rising 4.10% on reports that its global IT arm Wipro Technologies has acquired the Nokia' mobile broadcast solutions unit of for an undisclosed sum.
HCL Technologies is losing nearly 6% after its net profit for the quarter ended March fell to Rs.152.57 crore from Rs.263.08 crore in the same quarter last year.
Rolta India is down 1.56% even as its net profit more than doubled to Rs.160.07 crore in the quarter ended March year-over-year.
ICICI Bank is gaining 2.76% after the bank cut its benchmark advance rate by 50 basis points.
Ultratech Cement is up 0.04% on reporting a 9.4% rise in its net profit for the fourth quarter ended March year-over-year.
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