labels: stock markets - india, markets - general
20 July 01.10 PM: Sensex up 347 points; Nifty adds 90 points news
20 July 2006

Sustained strength across Asia and a firm opening by Europe has helped the Indian indices to remain firm at around the day's highs in early afternoon trades. Stocks in the banking, engineering, auto and oil sectors continue to lead the markets.

Sensex index is trading higher by 347 points at 10355 at 01.10 PM.

Nifty is trading higher by 90 points at 3023.

Banking stocks continue to blaze away in early afternoon trades as well. The possible end to interest rate hikes would help banks to sustain growth rates and retain current levels of profitability.

OBC is the biggest gainer among index stocks, trading 6.5 per cent higher. PNB has added over 5 per cent and SBI is trading close to 5 per cent higher.

Among private sector banks, HDFC Bank is up nearly 5.5 per cent and ICICI Bank is trading almost 5 per cent higher. Kotak Mahindra is trading 8 per cent higher following good quarterly numbers.

VSNL has rallied in early afternoon trades and is trading more than 6 per cent higher.

Dabur has gained further and has now added close to 5.5 per cent. ITC has added 3.5 per cent and HLL is trading 2.5 per cent higher.

Among auto stocks, Tata Motors is holding on to its gains of over 5 per cent and Bajaj Auto is trading 5 per cent higher. M&M is trading higher by over 4.5 per cent while Maruti is up over 2.5 per cent.

HPCL continues to lead the oil stocks, with gains of 5.5 per cent. BPCL has added over 4.5 per cent.

Reliance Industries is trading very close Rs1,000 with gains of over 1.5 per cent. ONGC has also added 1.5 per cent.

Mid-caps and small stocks have gained further in early afternoon trades. The NSE mid-cap index is now trading with gains of nearly 2.35 per cent. BSE mid-cap has gained 1.37 per cent and the small-cap index is trading with gains of 1.02 per cent. Market breadth on the NSE remains very positive with 2.5 stocks advancing for every declining stock.

Most of the larger mid-caps which rallied in early trades are holding on to their gains. Bajaj Hindustan is still trading higher by 12.5 per cent while IndiaBulls is up 9 per cent. Sesa Goa has added over 7 per cent.

CMC, Prime Securities, S Kumar's and J&K Bank are among the major mid-cap gainers.

Magma Leasing, BIL, Mid-Day and Unitech are the major mid-cap losers.

 search domain-b
20 July 01.10 PM: Sensex up 347 points; Nifty adds 90 points