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.
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
opened at 12633 and saw a new lifetime high of 12703.
The index is trading higher by 159 points at 12697 at
opened at 3622 and touched a high of 3668. The index is
now trading higher by 55 points at 3666.
big heavyweights are leading the surge today. Reliance
Industries, which became the most valuable Indian company
yesterday, has rallied close to 2 per cent.
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.
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.
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.
another stock which lost steadily in the last few sessions,
has recovered and added nearly 2.5 per cent.
Communications is another major gainer, trading more than
2.5 per cent higher.
and Ranbaxy are the other major gainers in index stocks.
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
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.
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.
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.
is locked in 10 per cent upper circuit after very good
Cinema has gained another 8.5 per cent after closing yesterday
locked in 10 per cent circuit.
Industries, Action Construction, Apar Industries, NRB
Bearings, GTC Industries, Dhanalakshmi Bank and OCL are
among the major mid-cap gainers.
Strips Wheels, IFB Industries, Cyber Media and SPIC are
the major mid-cap losers.