labels: stock markets - india, markets - general
14 March 01.10 PM: Indices gain as bank stocks rallynews
14 March 2006

Markets have gained ground in early afternoon trades, helped by significant gains in large bank stocks. Asian markets continue to be weak on lacklustre US markets and the recovery in oil prices.

The Sensex is trading higher by 65 points at 10869 at 01.10 PM.

The Nifty is trading higher by 10 points at 3213.

Bank stocks, led by SBI, rallied in early afternoon trades after a large bulk deal in SBI was reported on the BSE. The deal in the FII segment was struck above Rs1,000 per share, a significant premium to the current market price.

SBI is the biggest gainer among index stocks, trading with gains of close to 4 per cent. PNB has gained over 2.5 per cent while ICICI Bank has added over 1.5 per cent.

Cement stocks are holding on to their gains though they have come down from the early highs. ACC, Gujarat Ambuja and Grasim have gained over 1.5 per cent each.

HCL Infosystems has come down from its early highs and is now trading with gains of nearly 7 per cent.

Dabur, HDFC and Bajaj Auto are among the other major gainers.

Technology stocks have lost further ground after showing some signs of coming back to the reckoning. Satyam continues to be the biggest loser in the sector and among index stocks, trading lower by close to 2 per cent. Wipro has also shed close to 1.5 per cent. TCS has lost over a per cent while Infosys has inched back into positive territory.

SAIL, Zee Tele, Gail and Sun Pharma are among the losers in large caps.

Mid-caps are holding on to their modest gains and the mid-cap index has not participated in the early afternoon rally in large caps. The market breadth has improved and remains positive.

RNRL continues to be locked in the 10 per cent upper circuit. The stock has seen good delivery based buying in the week long rally.

Sakuma Exports, TTK Prestige and Aban Loyd are among the major gainers in mid-caps.

JK Cement, Ruby Mills and Comsys are among the mid-cap losers.


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14 March 01.10 PM: Indices gain as bank stocks rally