labels: stock markets - india, markets - general
27 March 11.10 AM: Indices at new highs; metal stocks continue rallynews
27 March 2006

Indices have scaled new lifetime highs as the markets look forward to an eventful week. The US Fed is meeting today to consider another round of interest rate hike, and the markets have already factored in a 25 basis points hike. Indian markets would see the expiry of the March series of derivatives contracts on Thursday.

Asian markets are generally trading firm today. Japan and South Korea have added more than 0.6 per cent each while Hong Kong and Singapore are trading with modest gains.

The Sensex opened at 10996 and saw a new all-time high of 11056. The index is trading higher by 100 points at 11050 at 11.10 AM.

The Nifty opened at 3283 and saw a new lifetime high of 3312 in early trades. The index is trading higher by 31 points at 3311.

Metal stocks are continuing their rally from last week. Steel prices have reportedly gone up in international markets after a decline last year. Prices of HR coils have moved close to $600 per tonne in the US. Chinese prices have also started moving up according to reports.

SAIL is the biggest gainer among index stock, having gained close to 5.5 per cent in early trades. The stock has added nearly 30 per cent over the last 6 trading sessions.

Tata Steel is keeping close company with gains of over 4 per cent.

Hindalco is also continuing the rally from last week, now trading higher by 3 per cent.

Gail is another stock, which is maintaining the momentum from the previous wee. The stock has added nearly 3.5 per cent.

Power utility stocks are finding favour in early trades today. Tata Power has gained close to 3 per cent while Reliance Energy has added almost 2 per cent.

Hindustan Lever has made a come back today and has added close to 3.5 per cent. The counter is seeing short covering ahead of this week's derivatives expiry.

Among the pharma stocks, Cipla and Glaxo have gained close to 2 per cent each.

Some of the high fliers from last week are facing correction today. Zee Tele is the biggest loser among index stocks and is trading over 1.5 per cent lower.

Telecom stocks MTNL and VSNL, 2 of the best performers from last week, have lost close to a per cent each.

Stocks of oil marketing companies have come under pressure after the surge in crude oil prices. HPCL has lost over a per cent while BPCL has lost over 0.5 per cent.

Among pharma stocks, Dr. Reddy's has lost close to a per cent while Sun Pharma has lost more than 0.5 per cent.

Jet Airways and Infosys are among the other losers.

Mid-caps have also rallied in early trades, as the positive sentiment in large caps has lifted the smaller stocks also. The mid-cap index has gained close to a per cent in early trades. Market breadth is positive.

Kalpataru Power has added close to 13 per cent after the company said it would consider a bonus and stock split besides a GDR issue.

Sanwaria Agro Oils, which was listed on the BSE, got listed on the NSE as well today. The stock has gained more than 30 per cent from the last week's closing price on the BSE.

Ind-Swift Laboratories, Aarti Drugs and Uco Bank are among the major gainers in mid-caps.

Ashapura Minechem, Vaibhav Gems and India Infoline are among the mid-cap losers.


 search domain-b
  go
 
27 March 11.10 AM: Indices at new highs; metal stocks continue rally