RTTNews - Easing concerns on the monsoon front and buoyant cues from overseas markets on the back of better-than-expected economic reports released last week in the U.S. and elsewhere, helped the Indian market trade firm in early trading on Monday.
After a gap-up opening at 15,363, the BSE Sensex rose further to a high of 15,530 in early trading. Since then, the index has pared some of its gains and is now trading at 15,483, up 242 points or 1.59% from its previous close.
The S&P CNX Nifty is trading at 4,602, up 1.62%. On the BSE, the mid-cap and the small-cap indexes are up around 1.7% each. Sector, wise, realty, consumer durables, metal, auto and banking stocks are showing strength.
Among the top gainers, Jaiprakash Associates, Sterlite Industries and ICICI Bank are up over 3% each.
Hindalco Industries is rising 2.93%, ACC is gaining 2.58%, TCS is adding 2.52%, Hero Honda Motors is up 2.47% and DLF is advancing 2.39%.
Maruti Suzuki, Tata Steel, Reliance Infrastructure, Tata Motors, Tata Power, Reliance Communication, Larsen & Toubro, SBI and Infosys are the other prominent gainers. Currently, all 30 Sensex stocks are trading in positive territory.
Tata Steel is up 2.38% on reports its European unit, Corus, is preparing to restart some of its idled capacity on signs of a pick up in demand. Sterlite Industries is rising 3.48% after Shanghai copper price rose by its 5 percent daily limit on Monday.
Oil explorer Reliance Industries is up 1.59%, Cairn India is gaining 2.48% and ONGC is adding 1.39% on the back of a near 10% rally in crude oil price last week.
NTPC is up 0.88% after the ministry of petroleum and natural gas assured to protect the interests of the company by all means in an ongoing gas-sale dispute with Reliance Industries.
Numeric Power Systems is losing 1.6% even as its board recommended a 1:1 bonus issue to its shareholders. GEI Industrial Systems is up 0.63% after GEI Power became a wholly owned subsidiary of the company.
Bharat Electronics is down a modest 0.16% despite reports that it will double its revenue to Rs.10000 crore in three years. Rural Electrification Corporation reportedly plans to foray into renewable energy generation. The stock is trading up nearly 1%.
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