labels: stock markets - india, markets - general
Market update: Sensex rallies 271 points; above 13200 news
22 March 2007

Helped by strong gains across global markets, domestic indices have rallied ahead in early trades. The Sensex has moved past 13200 quite comfortably and both frontline indices are trading with gains of over 2 per cent each. All Asian indices are trading with good gains.

Sensex opened at 13072 and touched a high of 13240. The index is trading higher by 271 points at 13217 at 11.10 AM.

Nifty opened at 3765 and saw a high of 3854. The index is now trading higher by 85 points at 3849.

VSNL is the best performer among index stocks on unconfirmed media reports that the government has finalised a plan to sell part of the surplus real estate holdings of the company. The stock is now trading more than 6.5 per cent higher.

Among other telecom stocks, Reliance Communications has added 2.5 per cent and Bharti is up 2 per cent.

Select banking stocks are continuing the surge from yesterday. PNB has rallied close to 5.5 per cent while OBC has added more than 3.5 per cent. HDFC Bank has gained nearly 3.5 per cent while ICICI Bank is trading 2.5 per cent higher.

ONGC has resumed its up trend and has gained close to 3.5 per cent. Reliance Industries has gained over 1.5 per cent.

BHEL is leading the engineering pack with gains of close to 6 per cent. L&T has gained close to 3.5 per cent.

FMCG stocks have extended their gains from yesterday. Dabur has added more than 4 per cent while HLL is up nearly 3.5 per cent. ITC has added more than 2.5 per cent.

Maruti is the other major gainer with gains of over 3.5 per cent.

There are only two losers among index stocks. Glaxo is down 0.5 per cent while Nalco has lost modestly.

Mid-caps and small caps are also continuing their rally. The NSE mid-cap index is now trading with gains of 1.35 per cent. BSE mid-cap index is trading with gains of close to 1.25 per cent and the BSE small-cap index has added 1.5 per cent. Market breadth on the NSE is highly positive in early trades.

Indo-Count Industries, LT Overseas, Shrenuj Diamonds, Somany Ceramics, Sathavahana Ispat, Uniply and DCB are the major mid-cap gainers.

GMR Industries, Atlanta, Max India, and AI Champdany are all locked in 5 per cent down circuits.

Emami Limuited, Wartslia, La Opala and Heritage Foods are the other major mid-cap losers.

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Market update: Sensex rallies 271 points; above 13200