RTTNews - Strong global cues amid encouraging U.S. jobs data helped the Indian market bounce back on Monday after sharp losses in the previous 2 sessions. However, trading remains choppy and the key benchmarks pared most of their early gains due to profit taking following concerns over weak monsoon and higher valuations.
The BSE Sensex opened higher at 15,287 and rose to high of 15,417 before paring some of its early gains. Currently, the index is trading at 15,246, up 86 points or a modest 0.57% and the S&P CNX Nifty is trading at 4,498, up 0.38%.
On the BSE, the small-cap and the mid-cap indexes are up around 0.8% each, outperforming large-caps. The market breadth is fairly positive, with 1128 gainers versus 575 losers, with IT, metal, realty and oil/gas stocks leading the market higher.
Among the top gainers, TCS is surging up over 4%, while Hindalco, DLF, Sterlite and Tata Steel are up over 2% each.
Tata Power, Jaiprakash Associates, ICICI Bank, Infosys, ONGC, Wipro, Reliance Communication, Reliance Industries, Reliance Infrastructure, Grasim and Sun Pharma are the other prominent gainers.
On the other hand, Bharti Airtel, Mahindra & Mahindra, Maruti Suzuki, ITC, Hindustan Unilever, Hero Honda Motors, HDFC, BHEL, ACC and HDFC Bank are trading in the red.
Berger Paints is surging up 6.68% after the company proposed to invest around Rs.100 crore to set up a water- based paint plant with a capacity of about 100,000 tonnes per annum in Southern India.
State-owned NMDC is up 0.36% on reports the steel ministry has cleared a proposal to divest 8.38% of government equity in the company through a public offer this year. Peninsula Land is rising 0.42% on reports that it will mop up Rs.500 crore through a qualified institutional share placement.
Maytas Infra is gaining 0.53% after its board reviewed plans for the execution of the Shimoga and Gulbargo airport projects and decided to dispose off or sell some idle machinery. Gulf Oil is adding 1.36% after its board approved raising $100 million via GDR / ADR / FCCB issue.
Edelweiss Capital is up 1.50% on reports that it is in talks with Japanese insurance group Tokio Marine Holdings for a possible joint venture in life insurance. Adlabs Films is advancing 1.76% after the company proposed to consider raising long-term resources via a rights issue of shares or other securities.
Oil explorer Reliance Industries is up 1.54%, Cairn India is up 0.40% and ONGC is adding nearly 2% after crude oil price recovered modestly to $71.15 a barrel in Asian trading on Monday.
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