Most Asian markets have recovered today despite a weak closing by the US indices yesterday. The decline in most commodity prices, except copper, is helping Asian markets. Crude oil is also trading lower in early Asian trades.
The Sensex opened with marginal gains at 10180 and saw a new intra-day lifetime high of 10185. The index is trading lower by 18 points at 10155 at 11.10 AM.
The Nifty opened at 3040 and saw an all-time intra-day high of 3052. The index is trading at 3043, higher by 2 points.
Tata Tea is the biggest gainer among index trades as the rally in tea sector stocks continues today. The stock is trading well above Rs1,000 with gains of nearly 4 per cent.
MTNL is continuing its rally from the last two session and is trading higher by more than 3.5 per cent.
Oil stocks HPCL and BPCL have gained on reports that a government appointed committee would recommend higher retail prices for petroleum products and LPG.
VSNL has added more than 2 per cent after the company said it has competed the Teleglobe acquisition.
Bajaj Auto, Tata Chemicals, ABB and M&M are the other major gainers. SCI has recovered marginally after yesterday's sharp fall.
Aluminium stocks continue to be weak today as well after commodity prices corrected yesterday in the international markets. Nalco has lost more than 2.5 per cent while Hindalco has given up more than a per cent.
Cipla has given up nearly 2 per cent after the rally over the last week.
L&T has also given up 2 per cent after gaining more than 10 per cent in the previous 2 sessions.
Other gainers from the last couple of sessions like Tata Motors, Ranbaxy and HLL are also trading weak.
Mid-caps continue to outperform the larger stocks today as well. Market breadth is also positive in early trades.
There is no end to the rally in tea stocks today as well. Williamson Magor is locked in the 10 per cent upper circuit. McLeod Russel, Williamson Tea, Harrison Malayalam and Jayshree Tea are the other gainers.
The other hot sector, sugar, has also made a come back today. Dwarikesh Sugar, Sakthi Sugar, Upper Ganges and Oudh Sugar are among the major gainers.
*Disclaimer:The author may have positions in some of the stocks specifically mentioned above at the time of writing this article. This analysis / report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content the author or publisher shall not be held responsible for any loss caused to any person whatsoever.