Mkts strong; Nifty hovering around 4600

Spice98

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posted on 16 years ago — updated on 1 second ago

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The Nifty is hovering around 4600 and the Sensex around 15500 levels.

Mumbai: The markets are witnessing huge buying interest on the back of gains in banking, technology, realty, metal, power, capital goods and oil stocks. Midcap and small cap stocks are trading higher. The Nifty is hovering around 4600 and the Sensex around 15500 levels. On the global front, Asian markets are strong.

At 10:27 am, the Sensex was up 309 points at 15,499 and the Nifty up 84 points at 4,601. The Nifty June Futures was trading at a 14 points discount.

Amongst frontliners, GAIL was up 4.6 per cent, ICICI Bank 4.4 per cent, Unitech 3.7 per cent, Infosys Tech 3.2 per cent and HDFC Bank 3.17 per cent while Tata Motors down 0.23 per cent and Cairn India 1.7 per cent (as crude fell to USD 133.98 per barrel).

Chambal Fertilisers, Reliance Industries, Ranbaxy Labs and Reliance Capital were most active counters on the bourses.

Realty Index shot up 2.56 per cent as buying seen in HDIL, Unitech, Indiabulls Real, DLF, Parsvnath and Peninsula Land.

Bankex jumped 2.75 per cent due to buying in Federal Bank, ICICI Bank, HDFC Bank, Bank of India, Kotak Mahindra and Axis Bank.

Technology stocks like Infosys, HCL Tech, Patni Computer, Tech Mahindra, Wipro and Satyam have gained. IT Index was up 2.5 per cent.

Telecom stocks like Spice Comm, Bharti Airtel, Tata Comm, Tata Teleservices, MTNL, Idea Cellular and Reliance Comm also moved up.

Power stocks have charged up. Index was up 2 per cent due to buying in Power Grid Corp, Reliance Infra, Suzlon Energy, Tata Power and NTPC.

Metal stocks like Jindal Saw, JSW Steel, Sterlite Ind, JindalStainless, SAIL, Jindal Steel and Tata Steel have shined. Index shot up 2 per cent.

Oil stocks like GAIL, BPCL, Essar Oil, ONGC, Reliance Industries, HPCL and IOC have surged. Index jumped 1.7 per cent.

Capital Goods Index rose by 1.8 per cent due to buying in Siemens, Astra Microwave, Alstom Projects, Crompton Greaves, Thermax, BHEL and L&T.

Pharma stocks like Ipca Labs, Panacea Biotech, Sun Pharma Adv, Aurobindo Pharma, Wockhardt, Ranbaxy Labs and Cipla are witnessing buying interest. Index was up 1.3 per cent.

Markets @ 9:56 am : Mkts open higher on strong global cues

The markets have opened higher following strong global cues as US markets ended higher on Friday and Asian markets are trading higher. Buying interest has seen in technology, capital goods, metal, power, banking and oil stocks. Midcap and small cap indices are strong. The Nifty is moving towards 4600.

At 9:56 am, the Sensex was up 220 points at 15,410 and the Nifty up 70 points at 4,587. The CNX Midcap was up 81 points at 6,172.

Amongst frontliners, BHEL, Reliance Petro, Suzlon, Idea, DLF, Bharti, GAIL, BPCL, ICICI Bank, Infosys, JP Associates, Cipla, HDFC, Ambuja Cements, Satyam, L&T, TCS, SBI, Reliance Industries and Tata Steel have gained while Tata Motors, M&M and Reliance Communications were losers.

GAIL shot up over 5 per cent as the company will consider bonus issue in the board meeting on June 23.

Unitech jumped by 3.5 per cent after the news that Lehman Brothers Real Estate Partners will invest USD 175 million in Unitech's Mumbai project. Lehman will acquire 50 per cent stake in Western Expressway Project in Mumbai.

Asian markets were trading strong; Nikkei was up 2.6 per cent, Staits Times 2 per cent, Hang Seng 2.75 per cent, Kospi 1per cent and Shanghai up 1 per cent.

In US markets stocks rallied led by financial and technology stocks, as a tame core-inflation reading and lower crude prices helped the market end a chaotic week on a high note. At the end of Friday's trade Dow Jones closed up 166 points at 12,307, Nasdaq shut 50 points up at 2,454.50. The Standard & Poor's 500 index advanced 20.16 points to 1360.03.

Market cues: