RTTNews - After a positive start, the Indian market is trading firm on Thursday on optimism about signs of stability in the world's largest economy.
Additionally, strong factory output data released on Wednesday suggested that the domestic economy is on a recovery mode, while at the same time a direct tax code unveiled by finance minister Pranab Mukherjee yesterday also helped lift sentiment. Traders now await inflation report due at around noon today.
After a gap-up opening at 15,208, the BSE Sensex rose to a high of 15,328 before paring some of its gains. The index is now trading at 15,256, up 236 points or 1.57% and the S&P CNX Nifty is trading at 4,528, up 1.58%.
On the BSE, the small-cap and the mid-cap indexes are up over 2% each and the market breadth is extremely positive, with 1544 gainers versus 325 losers. Sector-wise, realty, metal, banking and FMCG stocks are leading the market recovery.
Among the top gainers, ICICI Bank, Jaiprakash Associates, Sterlite Industries, DLF and SBI are up around 3% each. Hindalco, ITC, Tata Steel, Grasim, Reliance Infrastructure, Larsen & Toubro, BHEL and Maruti Suzuki are the other prominent gainers. Among Sensex constituents, all 30 stocks are now trading in positive territory.
Jindal Saw is up 2.07% after it withdrew an application for FIPB approval in connection with a preferential allotment of warrants to Anbeeco Investments. NALCO is surging up over 4% on reports that it has raised prices of aluminium products by 6 percent for the second time this month.
Mahindra Satyam is rising 2.45% and Unitech by 4.58% after they have been added to MSCI Global Standard Indices from September 1. PSL is climbing over 5% after bagging contracts worth Rs 500 crore from GAIL for supplying quality pipes for Dahej-Vijaipur pipeline upgradation project.
Reliance Industries is up a modest 0.97% on reports that it has exited an ONGC-led consortium which was formed to bid for a 40% stake in an oil field in Venezuela. ONGC is up 1.34% and Cairn India is adding 2.02% on reports that it will soon start producing oil from the Barmer field.
Mastek is advancing 2.24% after it launched Elixir Asia, a platform for life insurance carriers, for the Asia Pacific and the Indian market to help attract newer clients in the insurance sector. Adlabs Films is up 2.66% after its board approved raising up to Rs 600 crore through a rights issue of shares.
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