Sensex extends gains as inflation declines

Last Updated: Fri, Jun 14, 2013 07:36 hrs

The market has moved further up north in afternoon trade, with most of the front line stocks extending their morning gains, following the release of inflation data from the government.

According to the report from the government, inflation based on the wholesale price index eased to 4.7% in May 2013 from 4.89% in April 2013. Build up inflation rate in the financial year so far was 0.88% compared to a build up rate of 1.80% in the corresponding period of the previous year. WPI inflation for March 2013 was revised downwards to 5.65% from 5.96% reported earlier.

The Sensex is up 266.84 points or 1.41% at 19,094 at present. The Nifty is up 87.20 points or 1.53% at 5786.30.

Tata Motors is trading stronger by 4.2% at Rs 295 following an impressive 12% jump in Jaguar Land Rover sales. Maruti Suzuki is up 3.7% at Rs 1512. Mahindra & Mahindra and Bajaj Auto are up nearly 2% at Rs 941.60 and Rs 1741, respectively.

Hindalco has gained nearly 4%. IDFC, Reliance Infrastructure, Tata Steel, BPCL and Tata Power are up 3% - 3.6%. Lupin, Axis Bank, Ultratech Cement, Jaiprakash Associates, Reliance Industries, Power Grid Corporation, NMDC, Larsen & Toubro, Bank of Baroda, HDFC and Sesa Goa are all trading higher by 2% - 3%.

Punjab National Bank, GAIL India, Asian Paints, Ambuja Cements, Kotak Bank, ICICI Bank, State Bank of India, BHEL, DLF, Jindal Steel & Power and HDFC Bank are also trading notably higher.

Infosys is up by about 1% at Rs 2404 following an announcement from the company that its US subsidiary Infosys Public Services has won a contract from CareFirst BlueCross BlueShield. Infosys Public Services will support CareFirst's IT area to help create a cost-effective delivery model. Through its agreement with Infosys Public Services, CareFirst aims to reduce costs and achieve efficiencies in application support during the three-year contract term, Infosys said.

Titan Industries is up 6.6% at Rs 228 on impressive volumes, after recent sharp plunge. The Titan Industries counter on the National Stock Exchange has clocked a volume of over 5.6 million shares so far in the session.

Sun TV Network (up 2.5%) is another stock that has moved up smartly on impressive volumes. Oer 4.2 million shares have been traded so far at the Sun TV Network counter on the National Stock Exchange today

More from Sify: