RTTNews - The Indian market has bounced back sharply on Wednesday after U.S. consumer confidence showed its biggest monthly jump in six years, boosting investor confidence across the world equity markets. Short covering ahead of derivatives contracts expiry on Thursday is also helping the market trade firm.
The BSE Sensex opened higher at 13,780 and rose further in early trading. The index is now trading near the day's high at 13,916, up 327 points or 2.41% from its previous close. The S&P CNX Nifty is trading at 4,212, up 2.31%.
Second line stocks also resumed their rally after a pause in the previous session. The mid-cap index on the BSE is rising 2.98%, the small-cap index is gaining 3.23% and the broad-based BSE 500 index is moving up 2.74%. The market breadth is extremely positive, with 1926 advancers compared to 286 stocks that are declining.
While stocks across the sectors are trading higher, metal, realty and banking stocks are leading the bounce back. On the other hand, defensive FMCG and IT stocks are showing only modest gains.
Twenty-eight out of 30 Sensex stocks are trading in positive terrain. Jaiprakash Associates is jumping 6.58%, Sterlite Industries is rallying 6.50%, ONGC is advancing 5.12%, Hindalco is rising 4.63%, Reliance Communication is gaining 4.31%, ICICI Bank is moving up 4.26% and State Bank of India is up 3.97%.
DLF, Reliance Infrastructure, HDFC, Larsen & Toubro, Tata Steel and Tata Motors are also trading up around 3% each. However, ITC is down 0.52% and Bharti Airtel (down 0.05%) is trading in the red for the third day in a row.
Tata Communications is down 1.04% despite reporting a sharp 5.14 times jump in its standalone net profit for the quarter ended March. Mahindra & Mahindra is rising 2.35% after it announced the launch of the CNG edition of their pick-up vehicle, Maxx Maxi Truck.
Kingfisher Airlines is adding 4.52% after it launched 'King Mobile', a mobile ticketing solution, to provide a convenient option for its customers to book air travel tickets anywhere and anytime after securing ngpay application on their GPRS-enabled mobile handsets.
Reliance Power is jumping nearly 5% on reports that it may earn an estimated Rs.4, 000 crore revenue over the next 10 years by selling carbon credits from its upcoming Sasan power project in Madhya Pradesh.
Cummins India is surging up 7.28% after its consolidated net profit for the year ended March rose to Rs.445.26 crore from Rs.324.90 crore in the previous year. Monnet Ispat & Energy is up 2.79% on saying that it has bought back 1.28 million shares at an average price of Rs.141.52 per share.
Sobha Developers is climbing 8.05% after it sold stake in projects in Bangalore and other cities for a total consideration of Rs.225 crore. Brigade Enterprises is up 5.84% despite reporting a sharp 27% drop in its standalone net profit for the March quarter.
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