labels: stock markets - india, markets - general

13 Oct 11.10 AM: Sensex at new lifetime high; tops 12700 news
13 October 2006

To the surprise of most analysts, markets have not taken much time to recover from the sharp decline in May-June this year. The Sensex has moved past its earlier lifetime highs touched in May 2006 and crossed the 12700 mark for the first time ever in early trades today.

Strong global cues and expectations of very good second quarter results are driving the rally. Expectations are also high that the RBI would continue to pause on the interest rate front.

Sensex opened at 12633 and saw a new lifetime high of 12703. The index is trading higher by 159 points at 12697 at 11.10 AM.

Nifty opened at 3622 and touched a high of 3668. The index is now trading higher by 55 points at 3666.

The big heavyweights are leading the surge today. Reliance Industries, which became the most valuable Indian company yesterday, has rallied close to 2 per cent.

ONGC, which lost its top position to Reliance, is up more than 1.5 per cent. Infosys, the third most valuable company, has also gained over 1.5 per cent.

Suzlon Energy is the biggest gainer among index stocks after the company announced a new $200 million order. The stock has rallied more than 5.5 per cent.

HDFC Bank has bounced back sharply after yesterday's subdued trend and has rallied over 3.5 per cent. HDFC has added close to 1.5 per cent.

HLL, another stock which lost steadily in the last few sessions, has recovered and added nearly 2.5 per cent.

Reliance Communications is another major gainer, trading more than 2.5 per cent higher.

BHEL and Ranbaxy are the other major gainers in index stocks.

There are only 5 losers among Nifty stocks. Auto stocks are under pressure, led by Bajaj Auto which is down more than 0.5 per cent. M&M and Maruti are trading with modest losses.

HPCL has lost over 0.5 per cent after yesterday's spectacular rally. Gail India is the other loser, trading nearly 0.5 per cent lower.

Mid-caps and small caps are also sustaining the rally from yesterday, but gains are lower than the large caps as expected. The up move is broad based with many stocks reacting positively to good results and news flows.

The NSE mid-cap index is now trading with gains of 0.7 per cent. BSE mid-cap index has gained close to 0.85 per cent and the small-cap index has added nearly 0.7 per cent. Market breadth on the NSE is very positive in early trades with nearly 3 stocks advancing for every declining stock.

Crisil is locked in 10 per cent upper circuit after very good results.

Shringar Cinema has gained another 8.5 per cent after closing yesterday locked in 10 per cent circuit.

Godrej Industries, Action Construction, Apar Industries, NRB Bearings, GTC Industries, Dhanalakshmi Bank and OCL are among the major mid-cap gainers.

Steel Strips Wheels, IFB Industries, Cyber Media and SPIC are the major mid-cap losers.

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13 Oct 11.10 AM: Sensex at new lifetime high; tops 12700