labels: stock markets - india, markets - general
30 May 01.10 PM: Indices gain further news
30 May 2006

Markets rallied further in early afternoon trades, helped by continuing strength in tech stocks and a recovery in ONGC. Reliance Industries has also gained further, helping the Sensex to move close to 11000

Sensex is trading higher by 102 points at 10955 at 01.10 PM.

Nifty is trading higher by 27 points at 3242.

Technology stocks have built on their strength. Infosys continue to lead the pack with gains of close to 3.5 per cent. Wipro and Satyam have added close to 2.5 per cent each.

HCL Technologies is trading nearly 2 per cent higher while TCS has also added nearly 2 per cent.

Heavyweights Reliance Industries and ONGC have gained in early afternoon trades, providing considerable support to the indices. Reliance is now trading nearly 2 per cent higher while ONGC has added over a per cent.

M&M has surged ahead in early afternoon trades and is now trading more than 6 per cent higher. Strong outlook for tractor and utility vehicle sales in the current year is helping the stock.

Cipla, IPCL, L&T, ITC and Grasim are among the other gainers.

Banking stocks remain weak in early afternoon trades. PNB is the biggest loser among index stocks, trading more than 1.5 per cent lower. HDFC Bank has recovered marginally from its lows and is now trading just over a per cent lower.

OBC is down nearly a per cent while SBI is also trading lower. ICICI Bank has recovered and has added over 0.5 per cent.

ABB has not managed a recovery and is still down nearly 1.5 per cent.

Tata Motors and Hero Honda have made partial recoveries and are trading nearly 0.5 per cent lower.

BPCL, Tata Chemicals, Tata Tea, Bharti and Nalco are the other losers.

Mid-caps have also gained further in early afternoon trades. The index is now trading with gains of around 0.80 per cent. Market breadth on the NSE has improved with more than 2 stocks advancing for every declining stock.

REI Agro, Helios & Matheson, Dewan Housing, BRPL and Finolex Pipes are among the gainers in mid-caps.

Blowplast, Jaypee Associates, Vimta Labs, Oudh Sugar and LG Balakrishnan are among the mid-cap losers.

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30 May 01.10 PM: Indices gain further