labels: markets - general
Market update: Sensex rallies 217 points; above 13600 news
16 April 2007

Under arrangement with Thomas White International, a leading independent global equity research provider and a member of Best Independent Research - a consortium of best performing independent research firms.

Helped once again by gains in large-cap technology stocks, frontline Indian indexes are continuing their rally from the previous week and have added more than 1.5 per cent each in morning trading. Markets across Asia are trading with strong gains in early afternoon trading, led by Japan, which has added nearly 2 per cent.

Sensex opened at 13479 and touched a high of 13618. The index is trading higher by 217 points at 13601 at 11.10 AM IST.

Nifty opened at 3921 and saw a high of 3991. The index is now trading higher by 67 points at 3984.

Technology stocks continue to do very well as traders and investors have turned very positive on the sector, following upbeat guidance from Infosys Technologies last Friday. TCS is due to announce its first quarter and annual results today, while others like Wipro and Satyam would follow over the next few days.

Wipro has rallied over 3 per cent while TCS has added nearly 2.5 per cent. Satyam is trading over 2 per cent higher while Infosys has added close to 1.5 per cent. HCL Technologies has gained over a per cent.

Suzlon Energy has surged ahead in early trading and is the best performing Nifty stock with gains of over 7.5 per cent.

Cement stocks are also sustaining the up trend from last week. Gujarat Ambuja, Grasim and ACC have all gained over 2.5 per cent each.

Zee Entertainment has resumed its rally with gains of nearly 3 per cent.

ITC is also continuing the firm trend with gains of over 2.5 per cent.

Ranbaxy is the other major gainer, trading over 2 per cent higher.

There are no losers among Nifty stocks.

Mid-caps and small caps have also extended their gains from last week. The NSE mid-cap index is now trading with gains of 1.3 per cent. BSE mid-cap index is trading with gains of over 1.2 per cent and the BSE small-cap index has added 1.35 per cent.

Mid-cap technology stocks are doing well, in line with their large-cap peers. Polaris, Patni Computer, Tech Mahindra and i-Flex are all trading with good gains.

ICRA, which had a spectacular listing on Friday, has rallied another 14 per cent today and is trading at Rs915 per share. The stock was issued at Rs330 per share in the IPO.

DCM Sriram Consolidated is locked in 10 per cent upper circuit.

Lotte India, Godrej Industries, Saksoft, SIL and Great Offshore are the other major gainers among mid-caps and small caps.

Deccan Aviation has corrected over 4.5 per cent after surging more than 20 per cent last week.

Select sugar stocks remain under pressure. Thiru Arooran Sugar, Ponni Sugar and Uttam Sugar have all lost ground.

HBL Power, Logix Micro, Sutlej Industries, Sundaram Brake Linings and Shiv Texyarn are the other major losers among mid-caps and small-caps.

Disclaimer: Thomas White International may have recommended some of the stocks specifically mentioned in this report to our clients. Lord Asset Management Trust, our mutual fund management associate, and our asset management division may also have positions in some of the stocks specifically mentioned in this report. As a policy, employees of Thomas White International are not allowed to invest or trade in common stocks and common stock derivatives. This report is only for the purpose of information and is not an investment advice. Readers are advised to consult a certified financial advisor before taking any investment decisions. While efforts have been made to ensure the accuracy of the information provided in the content, the author or publisher shall not be held responsible for any loss caused to any person whatsoever.

also see : Other reports by Rex Mathew
Other reports by Rex Mathew

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Market update: Sensex rallies 217 points; above 13600