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Sensex holds gains as mood remains bullish

Source : SIFY
Last Updated: Thu, Oct 04, 2012 06:39 hrs
BSE Sensex drop 0.7 pct; banks down ahead of data

The market remains high up in positive territory, with the bulls staying quite relentless amid optimism that the government will continue to speed up reforms. The Union Cabinet is expected to take a call on hiking FDI ceiling in insurance sector and opening up the pension sector as well to overseas investors.

Data showing heavy buying by foreign institutional investors is also aiding sentiment to a significant extent.

The Sensex is up by around 188 points or 1% at 19,058, while the Nifty is up with a gain of 61 points or 1.06% at 5792.25.

Realty and bank stocks are among the most impressive gainers. Mirroring strong gains posted by key stocks in these sectors, the Realty index and the Bankex have moved up by 3.4% and 2.2%, respectively.

Capital goods, power, oil, consumer durables and PSU stocks too are mostly up in positive territory with notable gains. Select metal and automobile stocks have also posted solid gains. Healthcare and information technology stocks are subdued, while a few stocks from FMCG space have edged higher.

Among realty stocks, DLF is up nearly 4%, Indiabulls Real Estate is up with a gain of 6.3%, Sobha Developers, Unitech and HDIL are trading higher by 4% - 5% and DB Realty is gaining about 3.2%, while Oberoi Realty and Parsvanath Developers are up 1.3% and 1.6%, respectively.

In the Bankex, heavyweights HDFC Bank (2.2%), ICICI Bank (3.4%) and State Bank of India (1.5%) are up sharply. Axis Bank, Bank of Baroda, Federal Bank, IDBI Bank, Union Bank of India and Yes Bank are trading higher by 1.2% - 3%.

Allahad Bank , Andhra Bank , Central Bank of India , Corporation Bank , Dena Bank , Indian Overseas Bank , State Bank of Bikaner & Jaipur , State Bank of Travancore , UCO Bank , United Bank of India and Vijaya Bank are also trading sharply higher.

BHEL , up 5%, remains the top gainer in the Sensex. Bharti Airtel is up 2.5% following the Delhi High Court directing the government to not take action against the company and allow it to continue offer 3G mobile services outside their licensed areas through roaming pacts.

Dr Reddy's Laboratories , ONGC , Jindal Steel & Power , Tata Motors , Maruti Suzuki , Reliance Industries , Larsen & Toubro , NTPC , ITC and Bajaj Auto are also trading notably higher.

BPCL , Jaiprakash Associates , Reliance Infrastructure , Ambuja Cements , Grasim Industries , ACC , Ultratech Cement and Siemens are up with strong gains.

Lupin , Power Grid Corporation , Mahindra & Mahindra , Coal India , Tata Consultancy Services , Hero Motocorp , Infosys and HCL Technologies are trading weak.

In the currency market, the rupee rose to 51.88, hitting a 5-1/2 month high against the U.S. dollar in early trade today. A strong opening in the stock market and heavy capital inflows contributed to the currency's surge. On Wednesday, the partially convertible Indian rupee had ended at 52.16, gaining 24 paise.

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