RTTNews - The Indian market is trading sharply higher on Monday amid favorable global cues in reaction to strong earnings reported by companies worldwide and encouraging U.S. housing data. Better-than-expected results from TCS, positive news concerning market heavy weight Reliance Industries also helped lift the benchmark indexes significantly.
After a gap-up opening at 14,854, the BSE Sensex rose further in early trading. The Sensex is now trading near the day's high of 14,960, up 215 points or 1.46% from its previous close, while the S&P CNX Nifty is trading at 4,435, up 1.38%.
The small-cap and the mid-cap indexes on the BSE are also up around 1.5% each and the market breadth is extremely positive, with 1322 gainers compared to 576 decliners. Stocks across the sectors are trading in positive territory, with IT, oil/gas, realty, metal and capital good stocks leading the gainers.
Among the top gainers, TCS is up over 10.54%, Wipro is rising 8.27%, Infosys is adding 4.12% and Sterlite and Reliance Industries are up over 3% each.
Jaiprakash Associates, BHEL, HDFC, Mahindra & Mahindra, DLF, Larsen & Toubro, Bharti Airtel and Sun Pharma are the other prominent gainers.
On the other hand, Reliance Infrastructure is losing 2.53%, Reliance Communication is down 1.78%, Tata Motors is declining 0.87% and Hero Honda Motors is down 0.80%.
ITC, ONGC, Hindustan Unilever, SBI and Tata Steel are also trading in the red.
State-run NTPC is up a modest 0.27% after it signed an agreement with the government of Chhattisgarh for establishing a 4000-MW coal based thermal power project in Raigarh District.
Tata Consultancy Services is up over 10% after its quarterly results beat expectations. Reliance Industries is rising over 3%, while RNRL is down 0.96% ahead of the hearing of a gas-sale dispute between the companies in the Supreme Court on Monday.
Maytas Infra is locked at the 5% upper circuit limit after the Corporate Affairs Minister Salman Khurshid, in an interview to a private news channel, offered support to the company to get back on its feet. According to reports, Maytas has decided to sell part of its shareholding in Cyberabad Expressway Pvt and Hyderabad Expressway Pvt d to Terra Projects to generate liquidity.
JSW Steel is gaining 2.02% and Essar Oil is adding 2.37% ahead of the announcement of their quarterly results. Jindal Steel & Power is up 0.73% on reports that it has acquired the Kiepersol thermal coal mine in South Africa.
Torrent Power is advancing 3.50% after it successfully commissioned and started commercial generation of electricity at its first unit of the SUGEN power plant. Cinemax India is adding 2.39% on reports that it plans to invest Rs 30 crore on digitization of its existing screens as well as additional 50 new screens expected to be opened by the end of the year.
Allahabad Bank is jumping 9% after its net profit rose over three fold for the three months ended June.
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