The market remains firmly entrenched in positive territory this afternoon as buying continues unabated at several front line counters. Though the GDP data is not impressive, investors appear to be betting on some monetary easing from the central bank in the near future.
Alsto, the upward revision in rating for Indian stocks from Goldman Sachs, expectations of reforms announcements from the government and a firm trend in global markets amid slightly easing worries about the U.S. fiscal cliff are keeping the sentiment upbeat.
BHEL is trading nearly 5% up sustained buying at the counter. Jindal Steel & Power, ONGC and IDFC are up 3.5% to 4%. BPCL is trading nearly 3% up, while Hindalco, Tata Steel, Bank of Baroda, State Bank of India, Punjab National Bank, HDFC, Reliance Infrastructure, ICICI Bank and Jaiprakash Associates are trading higher by 2% - 2.8%.
Karnataka Bank shares have moved up sharply once again on huge volumes. The stock, which rose to Rs 179.50, has drifted down to Rs 172, but still remains fairly well placed in positive territory with an impressive gain of 4.8%. On the National Stock Exchange, the Karnataka Bank counter has clocked a volume of over 25.7 million shares today.
The stock has been moving higher amid reports of a likely merger with Kotak Mahindra Bank. Both Karnataka Bank and Kotak Bank have denied the reports and termed these as speculative.
United Spirits is down nearly 2% at Rs 2003, while United Breweries has moved up by about 2.5% to Rs 77o.85. Both United Spirits and United Breweries figure in the top traded securities list today, clocking 4.2 million shares and 1.8 million shares, respectively, on the National Stock Exchange.