labels: stock markets - india, markets - general
18 April 11.10 AM: Markets surge further; TCS rallies 6 per centnews
18 April 2006

Strong results from TCS and a sharp rally in ONGC have helped the markets to sustain the momentum from yesterday. Both indices have made substantial gains in early trades.

Gains on the Nifty are much higher than Sensex gains as TCS is not represented on the Sensex and ONGC has a higher weight on the Nifty.

The Sensex opened at 11625 and touched a high of 11754. The index is trading higher by 188 points at 11728 at 11.10 AM.

The Nifty opened at 3429 and saw a high of 3498 in early trades. The index is trading higher by 65 points at 3490.

As expected, TCS is the biggest gainer among index stocks after the company's results and bonus announcement. The stock has gained over 6 per cent, taking its market capitalisation close to Rs1 lakh crore. The stock touched a lifetime high of Rs2,088 on the NSE in early trades.

Among other technology stocks, Infosys has added 2 per cent after the sharp gains in its ADR prices in the US markets yesterday. Satyam is trading more than 1.5 per cent higher while HCL Technologies has gained over 2.5 per cent.

Record crude oil prices above $70 per barrel are helping ONGC to notch up sharp gains after yesterday's weakness. The stock has gained close to 4 per cent.

Cipla is continuing its bounce back from yesterday and has added nearly 4.5 per cent. Among other pharma stocks, Dr. Reddy's is trading 2.5 per cent higher.

Telecom stocks are having a good day, led by VSNL which has added close to 3.5 per cent. MTNL is trading higher by over 3 per cent while Reliance Communication is flat.

FMCG is another sector that is in the limelight today, led by Dabur, which has added over 3.5 per cent. HLL has added close to 2 per cent while ITC is trading nearly 1.5 per cent higher. Tata Tea has also gained over 2 per cent.

SAIL is the best performer among metal stocks, having gained over 2 per cent. Tata Steel has given up 0.5 per cent. Hindalco is trading nearly a per cent higher while Nalco is marginally lower.

High crude prices have pulled down oil marketing stocks. Both BPCL and HPCL have given up close to 2.5 per cent each.

Tata Power has given up close to a per cent while Gujarat Ambuja Cement is subdued after yesterday's spectacular rise.

Mid-caps are also maintaining the uptrend from yesterday, but gains on the mid-cap index are considerably lower than the frontline indices. The index has added nearly 1.25 per cent. Market breadth is highly positive on the NSE.

Gabriel India, RS Software and Alps Industries are among the major gainers in mid-caps.

Bartronics, Mirc Electronics and Man Industries are among the mid-cap losers.

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18 April 11.10 AM: Markets surge further; TCS rallies 6 per cent