Monday, the Indian market is trading sharply up, as it catches up with global markets after a long weekend. The market was shut for trading on Thursday and Friday on account of elections in Mumbai and Maharashtra Day, respectively. Favorable cues from the other Asian markets this morning, are also offering some support.
The BSE Sensex opened sharply up at 11,635 and rose further in early trading. The Sensex is now trading near the day's high at 11,940, up 537 points or 4.71% over the previous close. The broad-based BSE 500 index is rising a little more than 4%, the small-cap index is rising 2.68% and the mid-cap index is adding nearly 3%. Meanwhile, the S&P CNX Nifty is trading at 3,614, up 4.02%.
On the BSE, the market breadth is extremely positive, with 1360 advancers compared to 426 stocks that are declining. Stocks across the sectors are trading firm. Metal, banking and IT stocks are leading the gainers, while defensive healthcare and FMCG stocks are showing only modest gains.
Among the major gainers, TCS is climbing nearly 10%, Tata Steel, Hindalco, Sterlite Industries and HDFC are jumping more than 8% each, ICICI Bank is rising 7.72%, Wipro is gaining 7.44% and Larsen & Toubro is adding 6.06%.
Mahindra & Mahindra, HDFC Bank, State Bank of India, Reliance Communication, Infosys, ONGC and Jaiprakash Associates are the other major gainers. Twenty-nine out of 30 Sensex stocks are trading in the green, while Hindustan Lever is bucking the rising trend, with a modest 0.45% loss.
Jammu & Kashmir Bank is rising 3.55% despite reports that the RBI has disallowed the bank from putting more money in MetLife India. State Bank of India is jumping 5.35% after the bank reduced interest rates on deposits by 25 basis points across all tenures with effect from May 4.
DLF is up 2.51% even as it posted a 92.69% declined in its net profit to Rs.159.05 crore for the quarter ended March compared to Rs.2, 176.82 crore in the same quarter last year. Reliance Communication is climbing 5.30% even as its net profit declined around 9% year-over-year for the 12 months to March.
Ranbaxy Laboratories is gaining 3.22% after its wholly owned U.S. subsidiary Ranbaxy Pharmaceutical Inc. recalled all lots of Nitrofurantoin (Monohydrate/Macrocrystals) capsules from the U.S. retail market.
ACC is up 1.07% on reports that it will restructure its product prices across the country within a fortnight, with a combination of cuts and hikes. HDFC is adding more than 8% ahead of its earnings announcement later in the day. Aditya Birla Nuvo is rising 4.52% on reports about its capital raising plans to finance the group's life insurance business.
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