Wednesday, the Indian market is trading firm after opening higher this morning. Stocks across the sectors are trading in positive terrain. Benchmarks for the IT, banking and consumer stocks are now up more than 2% each, while stocks in the defensive FMCG and healthcare sectors are showing only modest gains.
The BSE Sensex opened higher at 11,091 and rose to a high of 11,213 before paring some of its gains. The index is now trading at 11,169, up 167 points or 1.52% over the previous close. Meanwhile, the S&P CNX Nifty is trading at 3,410, up 1.41%.
On the BSE, the small-cap index is up 0.73%, the mid-cap index is rising 0.79% and the broad-based BSE 500 index is up around 1.2%. The market breadth is fairly positive, with 1039 advancers compared to 645 stocks that are declining.
Among the major gainers, HDFC is rising 3.18%, ICICI Bank is gaining 2.99%, TCS is up 2.92%, Mahindra & Mahindra is moving up 2.86% and Wipro is up 2.57%. Reliance Communication, Reliance Infrastructure, Tata Power, Grasim Industries, ACC, HDFC Bank, Infosys, DLF and Jaiprakash Associates are the other top gainers.
Twenty-nine out of 30 Sensex stocks are trading in the green. Defensive stock Hindustan Unilever is bucking the rising trend with a modest 0.22% loss.
Bharti Airtel is up 0.48% on reporting a 21% rise in its quarterly net profit. Sterlite Industries is rising nearly 2% despite reporting a 55% decline in its consolidated net profit for the March quarter year-over-year.
Punjab National Bank is gaining 2.87% after it said that there is scope for 50-100 basis points cut in both lending and deposit rates. ING Vysya Bank is down 0.66% despite posting a 14.5% rise in its net profit for the three months to March.
Steel-maker Tata Steel, SAIL and JSW Steel are trading firm amid reports that India's steel consumption could rise nearly 2% in 2009. India Infoline is losing 4.42% after reporting a 64% fall in its quarterly net profit.
Torrent Power is gaining 4.47% and Reliance Infrastructure is adding 2.98% after they have signed gas sale and purchase agreement with Reliance Industries. Reliance Communications is advancing 2.84% after it has bought back 247 zero coupon foreign currency convertible bonds worth Rs 125 crore from the international markets.
Maytas Infra is up 0.26% on reports that it could divest some projects nearing completion to raise funds to complete other assignments. Bharat Electronics is adding 1.28% on reports about its investment plans in solar photovoltaic business.
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