labels: stock markets - india, markets - general
17 May 11.10 AM: Sensex back above 12000; Nifty touches 3600news
17 May 2006

Indices continue to be on recovery mode and are maintaining the upward momentum from yesterday afternoon. Asian markets are trading with modest gains, despite the subdued trend in the US indices yesterday.

Sensex opened at 11963 and touched a high of 12145 in early trades. The index is trading higher by 241 points at 12115 at 11.10 AM.

Nifty opened at 3503, touched a high of 3603 and is trading higher by 70 points at 3593.

As expected, metal stocks are leading the recovery from the front. Almost all the frontline metal stocks have recovered a significant part of their recent losses.

Tata Steel, yesterday's worst performer, is the biggest gainer among index stocks. The stock is back above Rs600 and is trading more than 4.5 per cent higher. SAIL has added nearly 2 per cent.

Among aluminium stocks, Nalco has added over 3 per cent while Hindalco is trading more than 2 per cent higher. Copper stock Sterlite is trading nearly 3 per cent higher.

Among the heavyweights, ONGC has made a strong recovery and is trading more than 4 per cent higher. Reliance Industries has added close to 3 per cent.

RPL has broken its losing streak and has gained over 4.5 per cent in early trades. Among other refinery stocks, Essar Oil is trading more than 8 per cent higher.

Auto stocks are continuing their good run from yesterday. Tata Motors has added 2 per cent while Maruti and MM has gained a per cent each. Among 2-wheelers, Hero Honda has added close to 4 per cent while Bajaj Auto is trading almost 1.5 per cent higher.

Cement stocks are also firm in early trades after leading the market recovery yesterday. Gujarat Ambuja has gained nearly 2.5 per cent while ACC is trading nearly 1.5 per cent higher.

FMCG stocks are also holding up after yesterday's firm trend. ITC has gained over 3 per cent and is back above Rs200 while HLL is trading more than a per cent higher.

Among technology stocks, Infosys and Satyam have gained close to 2 per cent each. TCS is trading nearly 1.5 per cent higher while Wipro has added a per cent.

VSNL is the biggest gainer among telecom stocks, trading nearly 4 per cent higher. Reliance Communications has added nearly 2 per cent while MTNL is trading more than 3 per cent higher.

Tata Chemicals, PNB and Ranbaxy are among the other gainers.

There are only 3 losers among Nifty stocks. Zee Tele has lost close to 2 per cent and is the biggest loser.

HDFC Bank has given up 1.5 per cent while Cipla is trading a per cent lower.

Mid-caps have also recovered substantially today and most of the popular stocks are trading with significant gains. The index is trading with gains of more than 2.7 per cent. Market breadth on the NSE is highly positive with nearly 16 stocks advancing for every declining stock.

India Infoline, Jubilant Organosys, Gujarat Ambuja Exports and Shah Alloys are among the major gainers in mid-caps.

Ansal Infrastructure, Syndicate Bank, Visa Steel and Gangotri Textiles are among the mid-cap losers.

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17 May 11.10 AM: Sensex back above 12000; Nifty touches 3600